Looking at the chart of "relatively hot" IQ , seems there is support in the $30.60 range in the last 6 trading days.

With stochastic oversold, and IQ price hitting limit order of $30.60, expecting small bounce to 13-day EMA at 33.75 for a $3 win (almost 10%). That is target #1.

Target #2 is to continue the momentum and hit $37.50 or so for a 20% win. MACD is still positive (but dropping). We will see how the trend goes.

Stop loss at $28. Again this is a momentum stock, so expect some volatility on this one. Good luck out there!
Comment: Hmmm... Shanghai Composite is "free-fall" mode. I'd be cautious on any Chinese stocks for the time being. This position is small for me, but risk-reward is there I think.
Comment: I sold half of my IQ into this rally at around $34.50. I'm going to let the other half either hit target 2 of $37.50 or stop-loss slightly positive at $31.50.
Comment: IQ another good day. Getting close to my target 2 of $37.50.
Trade closed: target reached: Sold rest of my position. Got lucky, given that NFLX had sub-par earnings. NFLX seems to have bounced though. Very resilient market.

33.75 - 30.60 = $3.15 = 10.2% gain
37.50 - 30.60 = $6.90 = 22.5% gain

These gains are over 12 calendar days (8 trading days). No harm in taking profits... and this is the favorite part of trading. Selling a winner!
Good luck out there.


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