InterCloud Systems Inc (NASDAQ:ICLD) – Immediate Resistance In $4.30-$4.90

InterCloud Systems Inc (NASDAQ:ICLD) had the second consecutive day of amazing rally as it ended the last trading session with a gain of 53.56%. The previous trading saw the stock rising by 75.65%. Clearly, the stock is being re-rated by the investors in light of the new information. The company is a single source provider of end to end IT and next generation network solutions including Network Function Virtualization (NFV) and Software Defined Networking (SDN) to the corporate enterprise markets and telecommunications service providers through cloud solutions.

The InterCloud Systems Inc (NASDAQ:ICLD) stock has been exploding in the exchange since it announced the launch of a new Networks Functions Virtualization Orchestration platform, its NFVGrid. According to the company, their NaaS offering powered by NFVGrid, must be taken as a very important breakthrough. The company is positioning Intercloud to be a competitive force in the emerging market of Next Generation IT and Telecom networks. The carrier SDN and NVF market may reach $11 billion by 2018, as forecasted by Infonetics.

ICLD

InterCloud Systems Inc (NASDAQ:ICLD) is also being flooded by new purchase orders and long term contracts so much that the company is enjoying a new business backlog of $36 million at the moment, the majority of which is with Fortune 100 companies and other large enterprises.

Technically, the turnaround is evident. The stock had listed at $36 in the first month of 2013 and that turned out to be the life time high for the stock. The next 2 years have seen the stock gradually dropping down, interrupted by occasional sharp bounces. This is the third bounce from the sub-$3 levels in the last 18 months following the slowest decline during 2014. The band of $4.30-$4.90 poses a good supply zone but if the bulls keep their focus intact, a rally to even $7 levels in the next few weeks can’t be ruled out.

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Published by Pamela Garcia

Pamela Garcia is a keen follower of U.S. stock market

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