Bulls Step in as Vringo Shares Hold Above $3 Level

Shares of the oft-volatile Vringo VRNG are in focus during Friday's late-morning trading session, now up more than 7 percent to around $3.28. With about four hours left in this week's session, the issue has already traded nearly 2.3 million shares, compared to average daily volume of just 1.3 million shares. Shares pushed through the $3 level Wednesday afternoon amid a company release disclosing the US PTO's confirmation of validity for the '420 patent. Following a test and successful hold of the $3 level on Thursday, Vringo shares now appear to be taking out resistance levels at $3.10 and $3.20. Traders should continue to watch that $3 level; the price stayed below $3 for only four trading sessions after holding above the technical level throughout July.