Nasdaq Internet Industry Breakdown
The Nasdaq Internet (QNET) chart has broken out of a descending triangle pattern back in mid-November. It may be pulling back slightly off the 100% Fibonacci Extension level but still worth checking this industry out for potential trade ideas. The following stocks are within this industry & seem like interesting trade candidates. I would have included links to the charts but the site seems to be having difficulty with allowing me to do that at the moment.
Facebook (FB) has broken out of a descending channel at the end of October. It successfully retested the previous resistance level & has hit the 100% Fibonacci Extension price target. We need to see the price continue going higher to activate that next price target. Otherwise, may need to wait for a pullback & catch the next bull wave.
Spotify (SPOT) gapped up after an earnings announcement on October 28th. It has since held this level, even bouncing off the 50 day EMA line & creating a symmetrical triangle. We have to wait and see which way this stock breaks but keep this one on the watchlist.
Take-Two Interactive (TTWO) seems to have a bull flag pattern & the price may be getting ready to breakout. Current stock price is above the majority of the VPVR volume as well so if it does break out it can get ready to run.
In connection to TTWO, Electronic Arts (EA) seems poised to break out of an ascending triangle pattern. This would take the price above the majority of the VPVR volume. Perhaps the video game companies are getting ready to send a signal as we all get ready for Christmas.
Cogent Communications Holdings (CCOI) bounced off a major support line in early October. Since then it is creating a bit of a bull flag pattern. Just keeping it on a watchlist for a potential breakout.
Tucows Inc. (TCX) creating a cup pattern as it tries to bottom off its most recent highs. Just waiting for breakout confirmation.
Cardlytics Inc. (CDLX) gapped up on November 11th after an earnings announcement. The price action has created a bull flag pattern. Just waiting for breakout confirmation.
Activision (ATVI) just like Take-Two & Electronic Arts has been in a bullish wave following a long consolidation phase. Since breaking out of an ascending triangle pattern the stock has consolidated. The first two price targets have hit. I am waiting to see if another bullish move can reach that third price target.
Yandex (YNDX) produced an island reversal pattern around October 21st. Since then, the price has continued to rise with a gap up on November 18th. Following the island reversal, there were three price targets based on the Fibonacci Extension tool. The gap up took us passed the first target, & the price is currently dancing with our second target. The stock may see consolidation or a pullback before further advancement but a stock worth keeping on a watchlist.
Everquote Inc. (EVER) developed a bullish wedge pattern & broke out from that pattern around October 28th. A positive earnings announcement shortly after caused a gap up in price. A strong re-test of this gap level has allowed continued bullish momentum. We have cleared the first price target & the stock maybe finding some resistance around the second price target. The stock may need a pullback or some consolidation before a continued bullish move.
Blucora Inc. (BCOR) has recently broken out of a bullish wedge pattern. It may still need to perform a re-test of this breakout but definitely worth keeping an eye on. Our initial price target is based on Fibonacci Extension but the second is from the VPVR data at a level that may provide resistance.
The Meet Group (MEET) saw a period of accumulation which preceded the breakout on October 3rd. The chart then showed a bullish wedge that broke out & re-tested. This has led to the current pattern which seems to be a symmetrical triangle. Just waiting to see which was this pattern breaks.
Facebook (FB) has broken out of a descending channel at the end of October. It successfully retested the previous resistance level & has hit the 100% Fibonacci Extension price target. We need to see the price continue going higher to activate that next price target. Otherwise, may need to wait for a pullback & catch the next bull wave.
Spotify (SPOT) gapped up after an earnings announcement on October 28th. It has since held this level, even bouncing off the 50 day EMA line & creating a symmetrical triangle. We have to wait and see which way this stock breaks but keep this one on the watchlist.
Take-Two Interactive (TTWO) seems to have a bull flag pattern & the price may be getting ready to breakout. Current stock price is above the majority of the VPVR volume as well so if it does break out it can get ready to run.
In connection to TTWO, Electronic Arts (EA) seems poised to break out of an ascending triangle pattern. This would take the price above the majority of the VPVR volume. Perhaps the video game companies are getting ready to send a signal as we all get ready for Christmas.
Cogent Communications Holdings (CCOI) bounced off a major support line in early October. Since then it is creating a bit of a bull flag pattern. Just keeping it on a watchlist for a potential breakout.
Tucows Inc. (TCX) creating a cup pattern as it tries to bottom off its most recent highs. Just waiting for breakout confirmation.
Cardlytics Inc. (CDLX) gapped up on November 11th after an earnings announcement. The price action has created a bull flag pattern. Just waiting for breakout confirmation.
Activision (ATVI) just like Take-Two & Electronic Arts has been in a bullish wave following a long consolidation phase. Since breaking out of an ascending triangle pattern the stock has consolidated. The first two price targets have hit. I am waiting to see if another bullish move can reach that third price target.
Yandex (YNDX) produced an island reversal pattern around October 21st. Since then, the price has continued to rise with a gap up on November 18th. Following the island reversal, there were three price targets based on the Fibonacci Extension tool. The gap up took us passed the first target, & the price is currently dancing with our second target. The stock may see consolidation or a pullback before further advancement but a stock worth keeping on a watchlist.
Everquote Inc. (EVER) developed a bullish wedge pattern & broke out from that pattern around October 28th. A positive earnings announcement shortly after caused a gap up in price. A strong re-test of this gap level has allowed continued bullish momentum. We have cleared the first price target & the stock maybe finding some resistance around the second price target. The stock may need a pullback or some consolidation before a continued bullish move.
Blucora Inc. (BCOR) has recently broken out of a bullish wedge pattern. It may still need to perform a re-test of this breakout but definitely worth keeping an eye on. Our initial price target is based on Fibonacci Extension but the second is from the VPVR data at a level that may provide resistance.
The Meet Group (MEET) saw a period of accumulation which preceded the breakout on October 3rd. The chart then showed a bullish wedge that broke out & re-tested. This has led to the current pattern which seems to be a symmetrical triangle. Just waiting to see which was this pattern breaks.
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