GNC Rallies Off Takeover Rumors, Finds Sellers In Familiar Area
GNC Holdings Inc (NYSE: GNC) shares are trading higher by $1.67 (8.6 percent) at $21.09 in Wednesday's session. Rumors of the company in talks with a Chinese buyer have the issue firmly in the green on heavy volume.
Following a higher open, it retreated but found support ahead of the top of Tuesday's range ($19.88), only reaching $20.14 before resuming its move higher.
The ensuing rally has found sellers in a familiar area. So far, the rally has been capped at $21.18, which coincides with a pair of highs from October 7 ($21.15) and October 14 ($21.13).
If the rally can continue, there may be additional resistance at another pair of highs for October 5 ($21.41) and October 6 ($21.43).
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