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SFUN) operates a real estate Internet portal in China, providing marketing, listing and other value-added services and products related to real estate and home furnishing. This stock closed up 7.4% to $47.92 in Wednesday's trading session.
Wednesday's Volume: 2.20 million
Three-Month Average Volume: 1.04 million
Volume % Change: 177%
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From a technical perspective, SFUN bounced sharply higher here right above its 50-day moving average of $43.92 with strong upside volume. This stock has been trending sideways for the last month, with shares moving between $44.11 on the downside and $53.77 on the upside. Shares of SFUN are now starting to rebound off the lower-end of its range and trend within distance of triggering a big breakout trade. That trade will hit if SFUN manages to take out some near-term overhead resistance levels at $50.97 to its 52-week high at $53.77 with high volume.
Traders should now look for long-biased trades in SFUN as long as it's trending above its 50-day at $43.92 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.04 million shares. If that breakout hits soon, then SFUN will set up to enter new 52-week-high territory above $53.77, which is bullish technical price action. Some possible upside targets off that breakout are $60 to $65.
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