For any China enthusiasts who may be out there here is a look at Weibo (WB), which I think is the better or at least purer part of the amalgam known as Sina (SINA). As you may know, this one has been on my watch list for a while now after a previous successful trade in September.
The stock made a nice move to the SMA 200, which is still sloping down and is predictably pulling back from there to fill a gap. I was tempted to buy it here but since I have enough China (TDF & BABA) for now I think I will hold out for the rising EMA 20 (grey dotted line) or the little gap just below it. Maybe even the rising SMA 50. So I’d be looking at 48 to 50 as a potential buy area if I were just trading it, stand-alone. Since I am balancing a portfolio I may alter that but a trader could give it a shot in the above noted range.
RSI and MACD are positive and are not overbought. This makes me think I’d like not to see much more weakness on this little pullback or it could compromise the positive look of RSI, especially. In other words, if it is to remain bullish it very well could simply fill the gap and then resume its upside.
It actually crashed a key support area on the trade war noise last spring and summer and then took it back on some improved operational performance. Be that as it may, a thick resistance level begins at 55. If it were to take out that area and considering it would then be above the SMA 200 on the daily chart above the next objective would be around 70, where another gap resides along with resistance.
This one could also have a tax loss selling seasonal aspect to it. That could begin to be felt in a positive way by mid-December.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.