Newegg Shares Are Moving Higher Monday: What's Happening?

Newegg Commerce, Inc. (NASDAQ:NEGG) shares are trading higher. The company on Monday launched its FantasTech Sale II.

What To Know: Newegg launched a limited-time sales event with thousands of tech deals across more than 60 categories. The event runs from Oct. 6 through Oct. 12 and features “major savings” across product categories in the United States and Canada.

Newegg said shoppers can find discounts on desktop PCs, gaming laptops, GPUs, CPUs, motherboards, SSDs, monitors and accessories, as well as networking products, home audio and surveillance gear.

"With the holidays approaching, this is the perfect time for customers to shop early and secure the latest-generation hardware," said Teresa Chang, director of merchandise management at Newegg.

"The power-to-price ratio is outstanding right now, making FantasTech Sale II one of the best opportunities of the year for anyone building, upgrading, or expanding their PC."

NEGG Price Action: Newegg shares were up 12.7% at $52.63 at the time of publication on Monday. The stock is trading within its 52-week range of $3.32 to $137.83, according to data from Benzinga Pro.

Newegg stock is below its 50-day moving average of $58.62, indicating potential resistance at this level, while the 200-day moving average at $22.05 suggests a strong long-term bullish trend. The recent price action indicates a breakout from recent lows, but it remains to be seen if it can sustain above the current resistance.

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