Shares of Changyou.com (CYOU) touched a new 52-week high of $38.58 on Friday and eventually closed trade at $37.99. This stock has been in an overall uptrend since mid-2012, with shares soaring higher from its low of $17, put in on July 26, 2012, to a surge right off its 50-day moving average of $31.28. This move also pushed the name into breakout territory which had a flat base buy point of $32.50.
Changyou.com, a developer of online games in the Peoples Republic of China, is now at the highest level since October 28, 2011, with the shares consistently making higher-lows and higher-highs, which is bullish technical price action.
Look for this stock to make it to $40 near-term, and then mid-$40s longer-term. That said, it’s worth noting that some volatility is to be expected, as the name could see a little pullback toward its rising channel top. Also, the ticker’s share price has entered into overbought territory with an RSI value of almost 77.
CYOU is up 19.54% in the last month, up 21% in the last six months, and up $18.24, or 93%, since this time last year.
Disclosure: No Position