Trading the $MOMO Move (Technical Chart Set-up)
Below is part two – a follow-up to our previous alert.
Our Trade Alert in Review.
We posted the $MOMO alert in Friday premarket based on a buy-out of their smaller competitor Tantan (see bottom of post).
At time of our alert MOMO premarket was trading up 8.71% at 33.19.
$MOMO closed the regular session at 35.75 for a gain of 17% on the day – adding another 8% gain after our alert.
Your Trade Set-up.
Here is the basic structure of the $MOMO chart set-up for swing trading (or daytrading ) the move.
Real-time $MOMO chart link: https://www.tradingview.com/chart/MOMO/SWdmgJ1n-How-to-trade-MOMO-setup-on-chart-price-targets-swingtrading/
How to trade $MOMO set-up on chart – price targets. #swingtrading
Swing Trading the Move:
Long to first target 33.35 – 33.65 (hit Friday) as did the second price target of 35.25 to 35.40 (hit Friday).
Long (preferably on a pull-back and bounce) to next price target 39.10 if trend continues long to 42.90 and on to 46.75 (see horizontal support and resistance lines on chart).
OR if price fails;
Short to 31.54 and on to 27.70 in a downtrend.
Refer to time – price cycle noted on chart April 5, 2018 at 08:00:00 AM – expect volatility leading in to and out of that date.
Part One of Post:
$MOMO 38.75 Full Extension Price Target on Bullish Channel Break by curtmelonopoly on TradingView.com
News: Momo Inc. acquires ‘Chinese Tinder’
1. First target hit at 33.64, currently up 8.09% in premarket on news (see above).
2. Next target at 35.40.
3. Full extension price target at 38.75.
Did you find value in this setup? Our Swing Trading Newsletter Service is only $1.99 for the first month ($119/mo. thereafter). Click here to learn more