BioTelemetry Reaches Six-Year High

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

BioTelemetry, Inc. BEAT shares were trading higher by $1.05 (6 percent) at $15.46 in Wednesday's session. With no relevant news out on the mobile health services provider, let's examine the technicals for an explanation of the explosive rally.

Since breaking out from the $12 level in mid-August, the rally appeared to stall in the $14 handle after posting seven consecutive closes between $14.04 and $14.67, ending Tuesday's session at $14.41.

Off the open, it immediately bottomed at $14.47 and eclipsed the former high for the move ($15.51), reaching $15.89 before falling back to its current level.

That marks the highest level for the issue since it peaked at $19.27 in June 2009. By end of July of that same year, it had tumbled to $7.01.

Today is the second-highest volume day in the last five sessions. On August 27, it traded 1.17 million shares and 1.1 million shares have already changed hands today, compared to it 20-day average of 471,000 with over one hour remaining.