A lot of momentum traders are keenly watching the price action in LNKD around the $200 level in the past few days. LNKD reports earnings in a couple weeks, and its last 2 reports were major movers for the stock (and the 2 largest volume days in the past year):
The February breakout (green) was to new all-time highs for LNKD, and the May gap (red) was following a very strong run to start 2013.
In the last 3 days, traders have had their eye on the $203 level, which was the previous high from before earnings in May. The move through 203 resulted in some breakout buying yesterday, but the stock has gapped back below that level this morning:
LNKD is implying about a 10% move for earnings (for the week of August 2nd), based on our implied move calculator. It has moved an average of 12.5% over the last 4 earnings reports, so a bit less is expected this time around. But there is still a long way until earnings given the way LNKD can move, so watch the $203 level in the short term for confirmation or rejection of a renewed breakout.