Boston, MA, 04/23/2014 (usastockreport) – Qihoo 360 Technology Co Lt (NYSE:QIHU) posted a gain of 3.48% to emerge as the biggest internet stocks gainer on Tuesday. The stock saw a substantial rise in its trading volumes on Tuesday.
Qihoo 360 Technology Co Ltd (NYSE:QIHU) saw a healthy upside on Tuesday and remained above its open, managing to make a high of $96.25 and consolidate just shy of intraday high at $94.67
The stock seems to have a trend reversal in the making, with healthy gains in the past two weeks; the stock has managed to recover a substantial amount of loss it suffered in the previous months as a result of weak performance by almost all the internet stock.
The stock looks positive and we believe the stock has gained a positive and strong momentum with very good support levels; the rally on Tuesday itself is a proof of positive sentiment among the traders for the stock.
The stock is currently trading comfortably above its 200 day moving average of $85.60 and below its 50 day moving average of $102.76, this implies the stock is on a recovery path and may continue with its upward trend.
The momentum indicators for the stock saw a positive upward turn on Tuesday, implying the stock has gained a healthy momentum upwards. The relative strength index also has been sluggishly turning upwards with a positive and promising turn upwards on Tuesday. This implies the stock has a bullish trend with strong support levels and a weak downward bias.
From the current levels the stock has a strong support around $81.65 and on the upside the stock may face resistance around $105.49, a close above this level could see the stock rally to its trend line resistance level of $111.02
(FIGURE): Daily Chart for Qihoo 360 Technology Co Ltd (NYSE:QIHU)
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