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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 4.6% at $12.94 in Monday's trading session.
>>5 Stocks Under $10 Set to Soar
From a technical perspective, FENG trended higher here with decent upside volume. This stock has been uptrending strong for the last five months, with shares pushing higher from its low of $3.79 to its intraday high and new 52-week high of $13.05. During that move, shares of FENG have been consistently making higher lows and higher highs, which is bullish technical price action.
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 $13.05 with volume that's near or above 821,280 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 $15 to $16.
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