Looks like $WUBA is ready for its next leg as old longstanding resistance became the new support this past week. Note the weekly chart; from resistance to support :0) NYSE:WUBA
Long play on WUBA, coiling nicely and looks ready to go. notes on chart.
WUBA is printing a bullish hammer candlestick over candlestick price bar right off its uptrending 50 DMA with my momentum/trending oscillators confirming the price move. I am going long WUBA Tuesday morning using a limit (GTC-BUY-LMT) order @ 72.00. I will have two trailing sell stops (GTC-SELL-STP) @ 68.14 and 65.15 to protect my initial invested capital in case...
WUBA looks like it's bouncing off its 50MA + uptrend line... playing long side... with a stop!
higher time frame is in defined uptrend finding support on trendline intermediate time frame is showing a range-bound consolidation with price action pressing up against resistance of the .50 retracement level of 43.50 lower time frame is showing a breakout and minor pullback of triangle continuation pattern rsi on intermediate time frame is showing positive...
If you're going to play anything next week premium selling wise, it's going to be in earnings, because that's all that's really out there volatility-wise. The VIX remains persistently low here, and running a screen for exchange-traded funds with >70% implied volatility rank, and >35% implied volatility yields absolutely nothing. Here's what showed up on my radar...