EDU - New Oriental Education & Technology Group - Breakout
Company info:
New Oriental Education & Technology Group, Inc. offers educational services. The Company offers foreign language training, test preparation courses for admissions and assessment tests in the United States, the PRC and Commonwealth countries.
Earnings:
Earnings came out very strong this morning.
Revenue came in 869.60 and the street has looking around 814.
Earnings beat as well (surprise by 0.03).
Technicals:
The chart is breaking out of the pennant and with fundamental driver, this can be explosive.
Macro:
Overnight, there has been positive news out of China. PBOC lowered the reserve requirements by 50bps and there is growing expectation that stimulus is right around the corner, which should help Chinese stocks.
Will enter with the 5 min chart and update target along the way but initially run up to 100 looks promising.
New Oriental Education & Technology Group, Inc. offers educational services. The Company offers foreign language training, test preparation courses for admissions and assessment tests in the United States, the PRC and Commonwealth countries.
Earnings:
Earnings came out very strong this morning.
Revenue came in 869.60 and the street has looking around 814.
Earnings beat as well (surprise by 0.03).
Technicals:
The chart is breaking out of the pennant and with fundamental driver, this can be explosive.
Macro:
Overnight, there has been positive news out of China. PBOC lowered the reserve requirements by 50bps and there is growing expectation that stimulus is right around the corner, which should help Chinese stocks.
Will enter with the 5 min chart and update target along the way but initially run up to 100 looks promising.
Comment:
Going with 80.19, momentum seems high for a break.
Stops at 76.80
Stops at 76.80
Trade closed: stop reached
Comment:
Getting ready to pile into EDU today!
Comment:
Has to break 82.40
Resistance around 80 is high.