Youku Lower With High Volume

Published on Wednesday, 08 August 2012 11:38 Written by TradersHuddle Wire

New York, August 8th (TradersHuddle.com) - Unusual high volume detected on shares of Youku Inc. (NYSE:YOKU) early in the trading session. The pace in volume of Youku is already above average, with sellers in control, as the stock is 3.28% lower.

Youku Inc. (NYSE:YOKU) is the leading Internet television company in China, providing online video content for Chinese internet users across all Internet-enabled devices. The company offers a combination of licensed professional content, user-generated content and self-produced web video content.

Youku has already traded 35.492 times its 3-month average volume and has calculated support and resistance at $15.46 and $18.02 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.

The overall market index S&P 500 is trading higher by 0.11% from its previous trading close, which means that Youku stock is underperforming the overall market.