Changyou (CYOU) is looking promisingI found this stock while screening, and looked deeper into it, its very interesting on both ends, the technicals but also the fundamentals look promising.
The 17$ level is a big support levels dating back for years, we have seen very strong reversal start from this level in the past. I expect bulls to defend this level for the time coming.
I encourage you to also take a good look into the fundamentals of this stock.
If you like you can check out this article i found:
konekoresearch.com
As always this is just my opinion, and not a trading recommendation, please do your own research and use wise moneymanagement, even the best setups can fail badly and result in big losses!
Blessings to you all, and stay patient!
CYOU
Potential Downside If The Wedge BreaksCYOU looking bearish in the short to mid term. If we can get a clean break here, I think we will go even lower.
One thing to be aware is that Chinese stocks have an expected annualized return rate of 28% (source: gurufocus, www.gurufocus.com) and so be cautious of an index rally.
Short with a stop loss if this breaks above the broadening wedge.
CYOU bull flag target = Fibo's extension levelPullback after hitting Fibo's 261.8 from Mar-Apr retracement CYOU's bull flag target = Fibo's 423.6 ...Coincidence?
