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5 Stocks With Breakout Potential This Week

Zynga

2012 is shaping up to be a stellar year for social game developer Zynga (ZNGA - Get Report), a $9.3 billion firm that went public back in December. Despite a rocky start to life as a publicly traded company, shares of the firm have rallied more than 40% in the new year.

Now that there's some trading history behind shares, traders should feel a bit more confident about taking on the setup in Zynga.

There's more to trading a recent IPO than meets the eye (for more on how to trade an IPO, check out Stockpickr's primer on the subject). In Zynga's case, the firm just completed a short-term ascending triangle, breaking out above the $13 resistance level in yesterday's session. Remember, that's the same pattern that we just looked at in LEG.

Right now, there's a strong short-term setup in buying Zynga in anticipation of a test of $14.50 resistance. That said, the much more attractive setup comes if Zynga can successfully push above that $14.50 all-time high. Because it's a place where shares have historically stalled a couple of times, a move above $14.50 sends a strong signal that buyers are in control of ZNGA right now. More risk-hungry traders can be buyers now.

Zynga shows up on recent lists of 4 Companies Riding Facebook's Wave and 3 Tech Stock Leaders of 2012.

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SYM TRADE IT LAST %CHG
ZNGA $2.84 0.00%
JPM $67.52 -0.81%
LEG $49.20 -0.49%
MSFT $44.40 -0.10%
SINA $52.57 1.41%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

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