Ambarella Inc AMBA shares are trading sharply higher by $6.27 at $58.11 in Tuesday's session. At this time, there is no specific news related to the explosive rally.
One day removed from coming within $0.26 of its yearly low ($48.50), the issue is now testing a major resistance level. So far, it has reached $58.06 and does not appear to be done rallying.
Since October 13, the issue has put in place three highs between $58.63-$58.77 and retreated. If that area is breached, there may not be any major resistance points until its October 9 high ($59.96).
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
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