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5 Tech Stocks Rising on Big Volume

Qihoo 360 Technology

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Qihoo 360 Technology (QIHU) is engaged in the operations of Internet services and sales of third party anti-virus software in the People's Republic of China. This stock is trading up 1% at $24.23 in recent trading.

Today's Volume: 3.3 million

Average Volume: 1.9 million

Volume % Change: 180%

Shares of QIHU are trending higher today after Citi analyst Ravi Sarathy said the company is one of his top picks in the Internet sector, noting good fundamental value, solid catalyst profile and good financial operating momentum.

>>3 Tech Stocks Hedge Funds Are Buying

From a technical perspective, QIHU is bouncing here near some previous support at $23 with above-average volume. This move has also briefly pushed QIHU into breakout territory, since the stock has flirted with some near-term overhead resistance at $24.88. At last check, QIHU has hit an intraday high of $25.47 but it's subsequently pulled back to around $24.

Traders should now look for long-biased trades in QIHU as long as it's trending above $23 to $24.88 with strong upside volume flows. I would consider any upside volume day that registers near or above 1.9 million shares as bullish. If QIHU can hold that trend, then this stock has a great chance of re-testing or possibly taking out its next significant overhead resistance levels at $26.18 to $26.35. Any high-volume move above those levels would setup QIHU to possibly hit $30.

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