jon.lee.317

YELP Bounce tomorrow perhaps ...

NYSE:YELP   YELP INC
61 0 0
The recent trend on daily is clearly down. Both 8 and 21 EMA are negative. Therefore, playing a short position is probably safer. However, the stock may be due for a deadcat bounce. Possible counter-trend play.

But looking @ the daily price and volume action, we see that yesterday we have a long candle with high volume . Today we have a shorter candle yet, higher volume . Not to mention we see a shadow @ the end of the candle. Therefore there could be some buyers supporting the price @ these levels.

If LONG tomorrow, then target $82.4 and $84 (in addition to pivot points). Also, can look @ the daily 8 ema as target.


if SHORT, then target $75 (in addition to pivot points)
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