VivoPower International PLC (NASDAQ: VVPR) could pull back after yesterday’s Power-move

(24/7 Market News) VivoPower International PLC (NASDAQ: VVPR) is trading at $2.10, down $0.14 (-6.25%), on light premarket trading of 46,620 shares. It closed yesterday at $2.24, 64 cents higher (+40.00%), on 1,534,633 shares; after opening yesterday at its $1.56 low, VivoPower trended higher throughout until it hit the day’s $2.28 high, just before the regular session closed.

We first covered VivoPower when it started running strong on May 19, then on our May 27 wrap up we stated that, after outrunning its support and giving back some of its gains, it was trending higher in each of the previous 3 sessions and that it was worth keeping an eye on.

Since it crossed above the 20 day simple moving average, on May 19, VivoPower has stayed above the 20 day simple moving average level. Now, with the 20 day simple moving average about to cross above the 50 day simple moving average, which is now trending up, the support levels should strengthen. Additionally, the next resistance levels are probably weaker than several of the resistance points that VivoPower recently powered through.

After yesterday’s price action, which is outrunning support, a pullback in the next few days would not be surprising, although the next pullback may not be as pronounced as the last.

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