Bearish ABCD on weekly?NTES possibly forming a bearish ABCD pattern on weekly. If this pans out NTES can see much lower prices over next couple of months or more.
NTES trade ideas
And the next Breakout-Candidate...?In the daily Chart we saw a Breakout-Try and the immediate test of the Breakout Level. Now it`s getting interesting.
Prices above 186$ will generate a longterm Buying-Signal
NTSE Poised to breakout, targeting 198NTSE testing the top end of this consolidation range, above 186, which coincides with the mid-line of its current bull channel. Targeting the 27% fibonacci extension at 198. Stop at 182.
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
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
