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Time Warner makes fresh 52-week high, bullish breakout in progress

The company reported stronger than expected results today, coming in 7 cents above expectations for its Q4. Shares set a fresh 52-week high this morning, last up 4.5%. On a very long term view, another technical positive seen today on a long term monthly chart is a long base breakout. Shares have been going sideways since the lows of 2001 in a wide range. The last peak in price comparable to today was in January of 2007. Price is now well above that peak. Stocks that exhibit breakouts of this type can, over a long time period, establish a new trend. Next resistance is at $54.03. Support is at $51.29, the prior 52-week high.