Today, Rediff.com (REDF), an Indian provider of Internet content, broke out to a 52-week high on high volume.
The one-year snapshot shows extreme buying three times during the past year as the stock vaulted higher. This is a very bullish sign, and I feel there’s institutions accumulating shares.
The bad news is REDF isn’t making money — so it doesn’t fit-the-mold. Maybe REDF made money last quarter, but we wouldn’t know thatbecause the company hasn’t announced earnings yet.
So if you want to buy you’re taking a risk. Here’s an investor presentation which shows a little about the company and its financials, but there’s not a whole lot an alanyst can sink his teath into.
REDF stock is up 17% today