Leap Wireless International (LEAP) - May 26, 2008

[Harry Aloof]

From Wall Street Trader's Column

LEAP WIRELESS INTERNATIONAL (LEAP -Nasdaq): Technical Viewpoint: From a low of $49.61 on May 8, 2008 prices rallied, reaching a high of $61.67 on May 16, 2008. A decline saw prices pull back, reaching a low of $57.71 on May 21, 2008. Another rally saw prices penetrate resistance, closing 5/23/08 at $60.91. Technicals: MACD Index (MACD): A Buy Alert! was given on May 15, 2008 when the solid line crossed the dotted line to the upside. Support: Remains at $58.00. Resistance: Is at $61.28. Point & Figure: Reversed to the upside on May 23, 2008. A P&F upside reversal takes place at $58.00. Summary: Technical indicators have turned bullish. BUY! LEAP WIRELESS INTERNATIONAL (LEAP -Nasdaq) @ $61.25 Stop: Use a protective stop of $58.75. LEAP WIRELESS INTERNATIONAL is currently trading @ $60.91 plus $2.51 on May 23, 2008.

Price Objective: $72.50
Risk/Reward: $2.50 VS. $11.25
Today's Risk Reward Ratio: 5:1