E Commerce China Dangdang
Today's Range: $7.67-$8.1852-Week Range: $4.11-$26.40 Volume: 4.8 million Three-Month Average Volume: 2.7 million Shares of DANG are soaring today after Oppenheimer upgraded the stock from perform to outperform with a $9.50 price target citing valuation and signs of improvement in China's e-commerce space. From a technical perspective, DANG is gapping up big today on monster volume, and this stock is triggering a near-term breakout above $8.03. Traders should continue to look for long biased trades as long as DAN is trending above $8.03 with strong upside volume flows. If we can get a strong close on DANG today near its daily highs, then this stock should be well on its way to re-test its next significant overhead resistance level at $8.55. Any future breakout over $8.55 should be considered very bullish since the next overhead resistance levels won't come into play until $10.70.