This small cap gem should be a fun one for swing traders as the asset has nicely put in higher lows and higher highs in price for the last 15 months or so. And now at this moment it has 2 nice bullish setups going for it: 1) support at its $31 dollar level where there is also the 21 MA just below it as well. 2) a giant crater of a gap that needs to be filled still...
Friday after market hours, news reports came out EBIX was sued for Violations of federal securities laws causing a %40 drop. Yesterday we rebounded up to $31 and consolidated. Today looking for another $31 retest posiblily a move up to $34 then up to $40. Play it safe with this news it could easily go down more. Set stop losses.