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The Technical Take: Nuance Sharply Higher After Q4 Beat, Raymond James Upgrade

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Nuance Communications Inc. (NASDAQ: NUAN) shares are trading higher by $1.55 (12 percent) at $17.11 in Friday's session. The catalyst for the rally is Q4 EPS beat of $0.02 along with a $7.4 million beat for revenues. The earnings beat prompted Raymond James to upgrade the stock from Outperform to Strong Buy.

Despite a sharply higher open, it retreated only $0.06 to $16.61 before resuming its move higher. It has continued to make new highs for the session, with the current one standing at $17.22. That level is just shy of its June 10 high ($17.28).

If the rally continues, there may be additional resistance at its June 9 high ($17.48). The issue is attempting to post its first close over $17.00 since June 10, when it ended the session at $17.03.

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