Sino-Global Shipping

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Sino-Global Shipping ( SINO) is a shipping agency service provider in People's Republic of China. This stock is trading up 24% at $2.70 in recent trading.

Today's Range: $2.52-2.90

52-week Range: $1.20-$9.16

Volume: 92,000

Three-Month Average Volume: 50,028

This stock is soaring higher today after the company announced it signed a memorandum of understanding with Wilson Sons Shipping Agency. Under the MOU, Sino-Global will recommend Wilson Sons to act as an agent to attend Sino-Global clients' vessels in Brazil and Wilson Sons will recommend Sino-Global to act as its agent in China for its clients' vessels loading in Brazil and discharging in China.

From a technical standpoint, this stock has started to gap above its 50-day moving average of $2.27 and its 200-day moving average of $2.47 today on decent volume.

>>5 Stocks Setting Up to Break Out

The next areas that traders should watch for that will trigger higher prices are a breakout over $2.96 and then $3.99. A high-volume move for $2.96 should set this stock up for re-test of $3.99 in the near future. Any high-volume move over $3.99 should also be considered bullish, and could signal a run at $6.

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