Existing Position: QIHU: Long at 62.54 ATR 3.93 Reports August 24th
Name of Instrument: Qihoo 360 Tech Co. Ltd
Current Price: 64.42
****Raised Sell Stop: 63.94 with a 2 minute time confirm
Reason For Trade: Cleared all moving averages last week and is consolidating above them giving us a really tight (almost miniswing) risk if breaks the moving averages. In late May it had a good reversal bottom and then again on July 8th, it made a higher low and popped back strongly. On the weekly chart, a close over 64.22 should get it to 70.00. For a real long term play, over 73.60 should take it to 2013 levels. Bottom line, a good tech stock with the risk to 3 moving averages nominal given the possible rewards.
**HIT**First Profit Target for 1/3 off: 66.39 **HIT**
**Second Profit Target for 1/3 off: 67.74
