Not much to say about this as the chart speaks for it self. Massive diamond breakout. Could retest 30 price zone or lower in due course.
More worrying though is this stock and other like it are early warning for wider market? I will let you come to your own conclusion on that.
Check some of my other charts.
Early September we called to build short position with target price 50 that seems now a possible target next few weeks, and there is no support before 49 area and should see if a long position is worth initiating from there. If you want a real time alerts try us www.2waytrading.com
Note how well YELP reacts to the key levels labeled "Key Hidden Support/Resistance" over the past year.
This setup is a rally back to where YELP reported earnings recently and will likely encounter some stiff resistance. Low volume rally back to key resistance in YELP has provided a low-risk entry on the short-side for a return back to 66 and 61.
71.50 is...
I think there are better risk/reward ratios to pursue, but I would keep an eye on a few of these technical levels to see if there's any short-term, swing trades to be made. Any break above resistance and earnings are the only thing keeping it back. Volume and MACD would support any movements up.
Distribution is starting to pull back, and yesterday's candlestick...
YELP gaped up big on the open today with huge volume. A close above the Fibinoci 50% and the moving average would strong.
Careful that the gap ($68) doesn't get tested before going higher.
Technical pattern only on this extremely rich-valued stock:
Potential small move up from the recent sideways triangle formation.
Longer term I am looking for short-sales in this stock due to its extremely high valuation relative to its current annual revenues. More details to follow at a later date. Be careful.
Tim
9:42AM 6/12/2014 EDT 66.00 +0.23 last YELP
Yelp Inc. operates as an online local guide that connects people primarily with boutiques, mechanics, restaurants, and dentists. Yesterday, we at www.keeneonthemarket.com saw a trader buy 9500 YELP May 75-90 Bull Call Spread for $2.60 debit. This is a HUGE bet that YELP will trade above $75 by May expiration. This was a $2.6 Million bet, so yesterday I bought...
The recent trend on daily is clearly down. Both 8 and 21 EMA are negative. Therefore, playing a short position is probably safer. However, the stock may be due for a deadcat bounce. Possible counter-trend play.
But looking @ the daily price and volume action, we see that yesterday we have a long candle with high volume. Today we have a shorter candle yet,...
YELP holding gap up nicely, briefly broke below 8-day moving average and retook, showing relative strength and that the long term trend is intact. Set stop at $60.50, look for breakout of flag pattern
At another inflection point, do we bounce for $54-55 or heading down to test the $49.50-50.00 range.
Bar count shows we will get an answer before the close.
