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SouFun Holdings(SFUN - Get Report) operates a real estate Internet portal in China, as well as a home furnishing and improvement Web site. This stock is trading up 4.9% at $27.43 in recent trading.
Today's Volume: 363,000
Average Volume: 313,948
Volume % Change: 93%
Shares of SFUN are spiking higher today after the company reported adjusted net income of 79 cents per share, topping Wall Street analyst estimates of 62 cents per share, while revenue of $147.7 million beat the forecast for $138.29 million.
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From a technical perspective, SFUN is trending up here right above its 50-day moving average of $25.39 with above-average volume. This move is starting to push shares of SFUN outside of its recent consolidation pattern and within range of triggering a major breakout trade. That trade will hit if SFUN manages to take out some near-term overhead resistance levels at $28.50 to $29.16 with high volume.
Traders should now look for long-biased trades in SFUN as long as it's trending above its 50-day at $25.39 and then once it sustains a move or close above those breakout levels with volume that hits near or above 313,948 shares. If that breakout triggers soon, then SFUN will set up to enter new 52-week- and all-time-high territory above $29.16, which is bullish technical price action. Some possible upside targets off that breakout are $32 to $35 in the near future.