YY is not doing so well. the stock is coming down on weekly bases from FOMO of $145.00 and it is out of mind of investors. Having said that, it has recently broken its mother of all resistance at 75. This stock recently moved from 65 to 70 dollars hitting its 5 and 15 EMAs.
The fundamentals are also nothing to write home about.
Here is how I am going to play this one out. I am shorting at 69.00 will cover half of my position at 65.00 and another half at 55.00 level.
I always play shorts with a conservative stop. Remember you can stay long for ever but staying short cost you money every day!
Best of Luck!
Comment
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Worked as expected 65.50 is a resistance point going to take some profit hear with breakeven stop with aim to close this trade at around 55.00 level!
Trade closed: target reached
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I have closed my position as I my target price has reached. However, I am still bearish on YY. Breaking 55 has a lot of downside potentials.