Yandex NV (NASDAQ: YNDX)

Yandex N.V. operates an Internet search engine in Russia and internationally. The company offers a range of search, location-based, personalized, and mobile services that enable users to find information, and communicate and connect over the Internet from desktops and mobile devices; and localized homepages for specific geographic markets. It provides Yandex.News, a news aggregation and information service; Yandex.Market, a price comparison service that provides product information, price comparisons, and consumer-generated reviews of products and online retailers; and other search services comprising search services for images, videos, music, theatres, televisions, weather, jobs, transportation, cars, and real estate.
Please take a look at the 1-year chart of YNDX (Yandex N.V.) below with my added notations:

YNDX has rallied nicely since its $20 low back in April. However over the last 5 months the stock has created a key level of support at $35 (green) and that $35 level is also the “neckline” support for YNDX’s H&S reversal pattern. Above the neckline you will notice the H&S pattern itself (blue).
Remember, patterns such as an H&S need to confirm to have the meaning that they imply. Confirmation of the H&S would occur if the stock were to break below its $35 support.

The Tale of the Tape: YNDX seems to have formed a head & shoulders pattern. Although a long trade could be made at $35, the pattern implies that the stock might be preparing to break lower. A short trade could be entered on a solid move below the $35 “neckline” support.
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