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>>5 New Trades From Renaissance Technologies
From a technical perspective, KONG ripped sharply higher here right above some near-term support at $8.97 with above-average volume. This stock has been basing and trending sideways for the last month, with shares moving between $8.97 on the downside and $10.92 on the upside. Shares of KONG are now starting to move within range of triggering a major breakout trade above the upper-end of its recent sideways trading chart pattern. That breakout will hit if KONG manages to take out some near-term overhead resistance levels at $10.50 to its 52-week high at $10.92 with high volume.
Traders should now look for long-biased trades in KONG as long as it's trending above some key near-term support levels at $9.50 or above $8.97 and then once it sustains a move or close above those breakout levels with volume that's near or above 258,498 shares. If that breakout hits soon, then KONG will set up to enter new 52-week high territory, which is bullish technical price action. Some possible upside targets off that breakout are $14 to $15.
To see more stocks rising on unusual volume, check out the
Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.
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