An intraday high potential, Back Tested Sort Analysis.
We ll try to enter into the correction of the uptrend movement.
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
Entry level to be confirmed but the stock is bullish given the move in Chinese stocks and ETF inflows last week.
We also have a bullish crossing of the moving averages signalling a move higher.
This company is the "twitch" of China and has some decent fundamental footing.
With the dollar weakening and China easing this one could play catchup to the rest of the Chinese tech sector.
It certainly is at long-term lows, maybe worth watching if today's strength begins to see follow through.
I have heard some bullish fundamental analysis on YY, but am uncertain about the macro picture in China.
If they successfully pull off a stimulus, this could be a stock that runs.
If YY can recover the 50ma quickly that will be a very bullish sign.
Long term downtrend under attack today, lets see if earnings can surprise and lead to what could be a explosive move higher.
P/E ratio 6.73
Company profile
YY, Inc. engages in managing a communication social platform, which enables users to join real-time online group activities through voice, text, and video. Its services include music and entertainment, online...
Wave 5 is shaping up like wave 3. I am in shares at $70. Lets flex those holding through trades muscles on this trade.
Oh and by the way, the quarter/quarter sales increase every quarter. :)
![YY: [Long Idea] YY](https://s3.tradingview.com/v/VPMgax6f_mid.png "[Long Idea] YY")
![YY: [Long Idea] YY](https://s3.tradingview.com/g/gapAcQiO_mid.png "[Long Idea] YY")
