JohnKeverich
Long

YNDX is trading in a triangle: breakout imminent?

NASDAQ:YNDX   YANDEX N V
Update 12-4: Ok, we have a falling knife situation here. But this will be a grand buying opportunity when the ruble             stops imploding.
Update 12-2: I have to say that given the circumstances YNDX             is holding remarkably well. USDRUB             is 54, Russia RTS             is down 3% today!

YDNX is a great Russian company, dominating the internet search market in the Former Soviet Union. The company has stellar             fundamentals and strong growth. But the stock suffered due to recent decline of the ruble             . Russian currency has lost almost 50% since July.

Now, at 49 RUB per USD, the ruble             is MASSIVELY oversold and undervalued, and further decline looks unlikely in the short-term. Which means that support for YNDX             will probably hold. On the other hand, a modest appreciation for RUB will push YNDX             over resistance line.

Either way this triangle is going to be resolved by year's end.
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