hutsell_andrew

DOYU Double Bottom Bullish Reverseal

NASDAQ:DOYU   DOUYU INTERNATIONAL HOLDINGS LTD
Doyu went on a great run and formed a classic triple top and has corrected 20%+ from its most recent high. The stock has a longer term uptrend in place and it appears the recent selling is subsiding It has formed two near term double bottoms (although not as pronounced as a classic double bottom- typically I'd like to see them spaced out and the pattern formed over several weeks), and it looks like the stock is finding a bid in the low $13s which makes me thing the current level is a solid entry point.

The way I'd play this is start a position today (maybe 25% of your desired position size) and see if it can start to grind higher. I'd like to add on a move above $14 and would like to see the stock close above that level before getting more aggressive. It would be good to see the stock run to $15.25-$15.50 where it sold off to after it's all time high. This stock is in the streaming business in China so obviously an industry with a lot of growth, so the ideal outcome would be to see this retest its all time high around $17.50 and break through.

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