Phoenix New Media http://www.thestreet.com/tsc/v2008/photos/charts/interactive/ChartTool2.swf
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 2.9% at $12.62 in Monday's trading session.
Monday's Volume: 1.73 million
Three-Month Average Volume: 643,232
Volume % Change: 175%
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From a technical perspective, FENG trended higher here heavy upside volume. This stock has been uptrending strong for the last five months, with shares soaring higher from its low of $3.79 to its intraday high of $13. During that move, shares of FENG have been consistently making higher lows and higher highs, which is bullish technical price action. This move on Monday pushed shares into breakout and new 52-week-high territory, since the stock took out some resistance at $12.57.
Traders should now look for long-biased trades in FENG as long as it's trending above some near-term support levels at $12 or at $11 and then once it sustains a move or close above Monday's high of $13 with volume that's near or above 634,232 shares. If we get that move 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 move are $14 to $16.