E-house Holdings (EJ) is a Chinese real estate brokerage and is a clear play on the burgeoning middle class in that country.
The company has endured a string of poor earnings but is in turnaround mode, posting an outstanding report last quarter with excellent forward projections.
Technically price has formed a cup with handle base. It bounded off the 50 MA on very high volume yesterday and this morning has gapped up and traded over a trend line connecting the August and September highs.
In spite of the poor market open we are initiating a position around $22.50 and would add on a move over resistance at $22.95. We'll use today's low as our stop.
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