Sohu.com (SOHU) just pushed past a multi-month resistance point last week. SOHU stock continues to look better, particularly if it can overcome its 50-day moving average (yellow line), currently near $72.10.
And thirdly, internet television company Youku Tudou Inc (YOKU), which is currently consolidating/coiling-up below a multi-month resistance line, has given the bulls plenty of bullish price action lately. YOKU stock’s strength is confirmed by bullish candlestick patterns that should allow for a push to new highs soon.
BIDU stock, SOHU stock, and YOKU stock all look good for higher highs in coming weeks. However, this doesn’t mean you should completely drop risk management in favor or risk chasing. As always, traders must respect the possibility of bearish reversals.
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Learn more about the strategies Serge Berger uses to create profits in the market every day. Download his trading plan in the Essence of Swing Trading e-book by clicking here. As of this writing, he did not hold a position in any of the aforementioned securities.