YY Inc., through its subsidiaries, operates an online social platform
in the People’s Republic of China. The company engages users in
real-time online group activities through voice, video, and text on
personal computers and mobile devices; and enables users to create and
organize groups of various sizes to discover and participate in a range
of activities, including online games, music activities, education, live
game broadcasting, and conference calls. Its principal product is YY
Client, which enables users to engage in live interactions online; and
provides access to user-created online social activities groups. It also
offers Web-based YY that enables users to conduct real-time
interactions on the Web without any downloads or installations; and
Mobile YY, a mobile application.
Take a look at the 1-year chart of YY (Nasdaq: YY) below with my added notations:
YY has been trending consistently higher for the last 4 months while
forming a clear trendline of support (red). However, the stock had also
formed at 52-week high resistance at $90 (blue). At some point YY was
going to have to break one of those two levels, and late last week the
stock broke to a new high.
The Tale of the Tape: YY broke though its $90
resistance, which was also a new 52-week high. A long trade could be
made on a pullback down to the $90 level with a stop placed below that
level. A break back below $90 should lead to a fall down to the
trendline support.
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