Yelp is attracting quite a bit of attention on Wednesday. The stock is up more than 5%, with the help of a big boost in volume.

This powerful news-inspired surge is setting the stock up well for more upside. In the near term, patient Yelp investors should take on a more positive view of the action.

In early October, Yelp was in the early stages of a deep selloff. By mid-month, the stock had taken out its September low as overhead pressure intensified. As October came to a close, Yelp had retraced all of its powerful earnings-inspired rally that began on Aug. 8. The stock left behind a huge breakout gap that day. Just below was Yelp's December 2015 and July 2016 highs.

Shares managed to regain their footing at this important support zone just prior to another powerful earnings-inspired breakout gap on Nov. 2.

Since Yelp's Nov. 2 breakout, the stock has remained in a narrow range. Today's big move may soon end this lackluster action with an upside resolution. As a new rally leg develops, patient Yelp bulls should consider shares a low-risk buy on weakness. Yelp has solid support in place between $37.50 and $36.

On the downside, a close back below $34.50 would violate last week's low, sending a clear warning sign in the process. On the upside, a logical target is the 2016 peak at $43.35.

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This article is commentary by an independent contributor. At the time of publication, the author held no position in the stocks mentioned.