Note how well YELP reacts to the key levels labeled "Key Hidden Support/Resistance" over the past year.
This setup is a rally back to where YELP reported earnings recently and will likely encounter some stiff resistance. Low volume rally back to key resistance in YELP has provided a low-risk entry on the short-side for a return back to 66 and 61.
71.50 is the strongest resistance area and 71.20 was reached at the high earlier this morning.
Look for volume to increase on any decline to confirm the trade is triggering follow through selling from those sellers who are lurking at the 71.50 area.
Tim 11:36AM EST, 8/12/2014 70.25 bid-70.48 ask YELP
This setup is a rally back to where YELP reported earnings recently and will likely encounter some stiff resistance. Low volume rally back to key resistance in YELP has provided a low-risk entry on the short-side for a return back to 66 and 61.
71.50 is the strongest resistance area and 71.20 was reached at the high earlier this morning.
Look for volume to increase on any decline to confirm the trade is triggering follow through selling from those sellers who are lurking at the 71.50 area.
Tim 11:36AM EST, 8/12/2014 70.25 bid-70.48 ask YELP
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