Another stock that's trading very close to triggering a breakout trade is
(YOKU - Get Report), an Internet television company in the People's Republic of China. Yoku's Internet television platform enables consumers to search, view and share video content across multiple devices. This stock is off to a bullish start in 2012, with shares up over 50yo%.
If you look at the chart for Yoku.com, you'll notice that during the last two months and change, this stock has been trading within a sideways pattern between $19.47 on the downside and $25.35 on the upside. On Thursday, shares of Yoku.com started to move back above its 50-day moving average of $23.50 a share with light volume. This move is quickly pushing YOKU within range of triggering a breakout trade above the upper-end of that recent sideways chart pattern.
>>5 Tech Stocks to Buy Instead of Facebook
Traders should now look for long-biased traders in YOKU if this stock can manage to trigger a break out above some near-term overhead resistance at $25.35 a share with high-volume. Look for a sustained move or close above $25.35 with volume that registers near or above its three-month average action of 2,553,320 shares. If we get that move soon, then look for potential upside in YOKU back towards its March high off $32.75 a share.
I would look to play YOKU off of strength since the stock is trending so close to both its 50-day moving average at $23.50 a share, and its 200-day moving average of $21.37 a share. Look for long-biased trades once it starts to move above $24.84 and $25.35 a share with volume if we get it soon, and simply use a stop just below $24 a share.
As of the most recently reported period, Yoku.com is one of the
top holdings at Lee Ainslie's Maverick Capital
and also shows up in
Blue Ridge Capital's portfolio