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5 Stocks Setting Up to Break Out

Qihoo 360 Technology

Another stock that market players should put on their breakout radar is Qihoo 360 Technology (QIHU - Get Report), which is engaged in the operations of Internet services and sales of third party anti-virus software in the People's Republic of China. It provides Internet and mobile security products in China. This stock is off to a weak start so far this year with shares off by around 27%.

On Thursday, this company posted a solid earnings beat of 11 cents per share for the second-quarter versus Wall Street estimates of 6 cents per share. Revenue came in at $35.1 million versus estimates of $29.12 million. (I also featured Qihoo this week in " 5 Heavily Shorted Stocks That Could Pop on Earnings.")

If you take a look at the chart for Qihoo 360 Technology, you'll see that this stock is quickly approaching a big breakout if it can manage to trade and close above $25.75 a share. Earlier today, the stock did touch $26.08, but it has since then pulled back to just under $25 a share. What traders should watch for now, is for Qihoo to close above $25.75 on big volume. Look for volume that's close to or well above its three-month average action of 918,000 shares.

I would only buy this stock for a breakout play if you see it clear $25.75 intraday on big volume, or if you see it close above $25.75 with solid volume. If we see either of those two scenarios, I would buy the stock and look for a run towards $30 a share, or possibly even higher. This previous resistance level at $25.75 has acted as a brick wall for this stock for the past three months. That's why a move and close above it should spark a big upside move for Qihoo.

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