NTES - New high last week, uptrend continues* Slow and steady wins the race?
* NTES continues to beat earnings estimates
* Long with tight stops because of market conditions
NTES trade ideas
Strong breakaway gap, setting up againAfter 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.
How far will it go? Pull back is imminentSince 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 security try us www.2waytrading.com
