Sony Corporation (NYSE: SNE) has traded in a quite impressive manner as of late. Notice the steep uptrend line shown on the 1 year daily bars chart below. As you can see, the stock is trading almost straight up.

SNE managed to push through previous high resistance at 52 a few days ago. 52 should act as a level of support going forward, potentially giving SNE a stable platform to continue rising from. Overall, the stock may seem a bit over extended, but going against this kind of strength is not something I like to do.
I'm not a big fan of the gappy price action presented in SNE's chart, but I may consider making an exception in this case. I'm looking for continued stability at 52, then a push to the upside with volume backing the move. If this happens in the coming week, I will likely take SNE long.



Andy Swan is co-founder and head trader for DaytradeTeam.com. To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.