Sohu.com near Key Support Area

Published on Tuesday, 17 August 2010 18:48 Written by Danny Miller

New York, August 17th (TradersHuddle.com) - Shares of Sohu.com Inc. (NASDAQ:SOHU) are trading very close to calculated support at $45.91 with current price action closing at just $47.00 places the stock price near levels where traders will start paying attention.

Sohu.com Inc. (NASDAQ:SOHU) operates an Internet portal in China. The Company's Web site consists of Chinese language Web navigational and search capabilities, Web-based communications services, and a platform for e-commerce services.

Sohu's current stock range is defined by current calculated support defined at $45.91 and by the resistance level at $51.88, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Sohu's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $51.88 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.