Another stock that could be setting up to breakout is VanceInfo (VIT), an information technology service provider and an offshore development company in China. This company offers IT services including R&D services, enterprise solutions, application development and maintenance, testing, as well as globalization and localization.
Shares of VanceInfo are trading up more than 1% today as the stock nears some previous overhead resistance at around $28 a share. If the stock can manage to trade above that level it would mark a brand new all-time high. This is a great sign if you're long the stock because it means shares will have no previous resistance that could stall any further upside move.
If a breakout does happen on VanceInfo, and it isn't a false move, then this stock could be just beginning a much longer term uptrend. It's worth noting that the stock sold off a few points on Aug. 17 after company issued a tepid forecast for its third-quarter earnings. That selloff came on heavy volume of 2 million shares vs. the average three-month daily volume of over 540,000 shares. It's possible that many of the sellers that wanted out of the stock in the near term got out on that move.
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