novvoll12
Long

WBAI – bullish – Bases under the 22.37 2-month high

NYSE:WBAI   500.COM LTD AMERICAN DEPOSITARY SHARES, EACH REPRESENTING 10 CLASS A SHARES
3 0 0
WBAI             20.52 – bullish – Bases under the 22.37 2-month high

WBAI             rallied strongly from the 10.88 weekly low (August 24, 2015), following the falling wedge breakout, to reach a new 2-month high at 22.37 (October 12, 2015) before basing. The indicators on the daily timeframe are neutral, hinting for further basing. The 19.03/18.71 area (October 12/19, 2015 weekly lows) above the 50 week moving average provides immediate support. A push through 22.37 would accelerate the upleg towards 23.89 (July 27, 2015 weekly high, near 61.8% of the 30.67/10.88 fall) ahead of 26.00 (76.4% of the 30.67/10.88 fall).
Outlook:
Daily: bullish
Weekly: neutral
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