YY appeared as one of the three stocks to make significant gains on heavy volume on ChartYourTrade.com today. Here is how we analyzed the current price action...
YY looked as though it were potentially forming a cup… maybe a cup with handle, but that pattern has completely fallen apart with the high volume collapse in what would have been the handle. YY attempted to rebound today but it has a lot of headwinds it must face before it can march higher. First, there is resistance at the 5ema (not shown) which it hit today. The 5ema is the shortest term we consider on ChartYourTrade. If it can manage to reclaim the 5ema, it will then likely find resistance at the 10ema which has just crossed below the 200dma. The intermediate term 21ema is about to cross below the 200dma which adds more pressure to YY.
To view the rest of the stocks making significant gains on heavy volume today, click here: chartyourtrade.com/2...082015-yy-algt-crto/
YY looked as though it were potentially forming a cup… maybe a cup with handle, but that pattern has completely fallen apart with the high volume collapse in what would have been the handle. YY attempted to rebound today but it has a lot of headwinds it must face before it can march higher. First, there is resistance at the 5ema (not shown) which it hit today. The 5ema is the shortest term we consider on ChartYourTrade. If it can manage to reclaim the 5ema, it will then likely find resistance at the 10ema which has just crossed below the 200dma. The intermediate term 21ema is about to cross below the 200dma which adds more pressure to YY.
To view the rest of the stocks making significant gains on heavy volume today, click here: chartyourtrade.com/2...082015-yy-algt-crto/