After reporting earnings, NTES gapped up to fresh highs on the heaviest daily volume in over a year. So far it is holding that gap. If NTES can clear the highs on 5/14 of 143.93, it will confirm a continuation of the trend over the near term.
Since price broke-out upside from the buy point 91 area has gained about 16% just in 2 weeks with relatively a good volume and may soon meet overhead resistance 105.6. Close above this level for the month will be a bullish sign and next resistance 119.79-120 is very likely early next month before we see a meaningful pullback. If you want real time alert on this...
FYI the company will report Feb 11, and it did miss or fail last quarter. Now, the price formed what looks like inverted head and shoulder and has a measured move of 20%. If you decide to take long position make your stop loss at recent swing low at and around $41 with target price $52.50. Join us www.woowtrading.net
