E-Commerce China Dangdang (DANG) is engaged in online saldes of books as well as other media products and selected general merchandise categories. This stock closed up 8.5% at $11.70 in Wednesday's trading session.
Wednesday's Volume: 5.08 million
Three-Month Average Volume: 2.88 million
Volume % Change: 175%
>>5 Stocks Poised for Breakouts
From a technical perspective, DANG ripped sharply higher here right above some near-term support at $10.50 with heavy upside volume. This move pushed shares of DANG into breakout territory, since the stock took out some near-term overhead resistance at $11.31. Shares of DANG have been uptrending strong for the last month, with shares soaring higher from its low of $7.68 to its intraday high of $11.72. During that move, shares of DANG have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of DANG within range of triggering another big breakout trade. That trade will hit if DANG manages to take out Wednesday's high of $11.72 and then its 52-week high at $12 with high volume.
Traders should now look for long-biased trades in DANG as long as it's trending above some near-term support at $10.50 or at $10, and then once it sustains a move or close above those breakout levels with volume that hits near or above 2.88 million shares. If that breakout hits soon, then DANG will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $14 to $15.
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