Broke downtrend, bullish options activity , bullish MACD. Keep an eye. This is heading for a gap fill.
YELP IS GOOD FOR OPTIONS THIS WEEK AND NEXT
I like the rotation the last 3 days, looks very bearish to me. I see $24 in the cards in the near term.
ENTER 35.12 STOP 36.58 TARGET 14.50
Short below 31.80 with target 28.97
YELP
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Higher lows, RSI close to 50, buy breakout at 34.89. TP 37.40
short
at support trend line, which way?
Stock was weak yesterday as well, never violated previous day resistance, closed blw VWAP. Still expect it into 35.00 area.
YELP was really weak on Fri, closed into day low. Locally for a second day play I will look for a short entry blw 35.80 w/target into 35.00. But on a bigger picture it's slightly different (next idea)
On a bigger picture YELP might find some strong support at 35.00, to me - inlike TWTR - it does not look dead at all.
Another good way to trade earnings is to wait until post annoucement and trade the reaction tactically. I will wait and see if this support holds
Resemblance of cup with handle formation
Potential for more downside short term to under 30 before continuing to rally to upside next year.
