ChannelAdvisor Corp Trading Higher On Heavy Volume

'' ChannelAdvisor Corp

shares are trading higher by $0.70 ay $10.60 in Tuesday's session. The issue is setting circuit breakers on the upside despite no relevant news being reported at this time. Therefore, lets examine the technicals for a possible explanation for today's rally. The issue, which was halved back on January 12, falling from its January 9 close ($21.15) to $9.83 the following Monday. The reason for that sharp decline was the release that the company's Q4 revenue would be well short of the Street's expectations, Since that disastrous day, the issue has traded in a narrow trading range from its all time low $8.75 to $11.70. In fact, March 18 to March 24, it made five highs between $11.40 and $11.70 before declining to $9.02 on April 1. In today's session, it rallied just beyond that major resistance, reaching $11.91 before reversing course and slipping back under $11.00. It should be noted today's rally is taking place on extremely heavy volume as it has already traded 850K shares its daily average of 378K. .