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Phoenix New Media (
FENG) is a new media company providing premium content on an integrated platform across Internet, mobile and TV channels in China. This stock closed up 3.4% at $10.82 in Monday's trading session.
From a technical perspective, FENG jumped notably higher right above some near-term support at $10.21 with above-average volume. This stock has been uptrending strong or the last month and change, with shares moving higher from its low of $5.55 to its recent high of $11.80 with heavy upside volume flows. During that move, shares of FENG have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of FENG within range of triggering a major breakout trade. That trade will hit if FENG manages to take out some near-term overhead resistance at $11.20 to its 52-week high at $11.80 with high volume.
Traders should now look for long-biased trades in FENG as long as it's trending above key support at $10.21 and then once it sustains a move or close above those breakout levels with volume that's near or above 474,686 shares. If that breakout hits soon, then FENG 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 its all-time high at $14.84.
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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