Shutterfly Earnings Beat Leads To Technical Breakout
(NASDAQ: SFLY) up 16% pre-market up to $38. This signals a breakout above a year long range between $35-$25, and gap-up into new $40 resistance. As of 1/15/13 there were 8.29 million shares short with 13.95 days to cover setting up a potential short squeeze in coming days.
Weekly chart tells the story. An ascending triangle chart pattern formed throughout all of 2012, new up-trend could result from breakout.
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