LinkedIn Corp LNKD shares are trading higher by $5.31 (3.5 percent) at $136.67 in Tuesday's session. At this time, there is no particular catalyst to account for the rally.
A better explanation for the rally may be based on technicals. In its two previous sessions, it had put in a pair of highs at $131.43 and $131.46. That level was just shy of the recent high for the move at $131.80.
After bottoming at its opening print of $131.50, shorts in the issue began to cover. As a result, it ripped through the $132, $133, $134 and $135 handles with the current high standing at $136.88.
LinkedIn is now trading in a vacuum area that was created by its 2015 Q4 report and guidance that did not meet Wall Street's expectations. The day following the report, it fell from its February 4 close of $192.28 to $108.38 the following day.
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