Renren (RENN) : Traders are bullish on Renren (RENN) as it has outperformed the S&P 500 by a wide margin of 12.56% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 5.47%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 5.64% in the last 1 week, and is up 11.96% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
The stock has recorded a 20-day Moving Average of 9.37% and the 50-Day Moving Average is 11.93%.The 200 Day SMA reached 20.31%
Renren (NYSE:RENN): After opening at $1.96, the stock dipped to an intraday low of $1.925 on Friday. However, the bulls stepped in to buy at lower levels and pushed the stock higher. The stock touched an intraday high of $2.0834 and the buying power remained strong till the end. The stock closed at $2.06 for the day, a gain of 7.85% for the day session. The total traded volume was 2,015,108. The stocks close on the previous trading day was $2.06.
Renren Inc. operates a real name social networking Internet platform in China. The Company enables users to connect and communicate with each other, share information and user generated content, play online games and enjoy a range of other features and services. Its primary services are: Renren SNS, which includes its main social networking Website and mobile services, and Renren Games, its online games business, available at wan.renren.com and on mobile game distribution platforms, such as Apples Appstore. The Company also offers Renren Fenqi, an Internet finance platform that provides installment financing plans to eligible college students to facilitate their purchases of various consumer goods, such as smartphones, consumer electronics, cosmetics and fashion accessories on its marketplace and various selected e-commerce platforms in China.