#Premarket Up-Channel Test on #Earnings by curtmelonopoly on TradingView.com
News: Momo Inc. acquires ‘Chinese Tinder’
When we had previously tracked $MOMO, price had broken its down-channel open on a bullish break after acquiring “Chinese Tinder”. Full extension price targets were provided (link to related idea below).
Resurfacing on premarket earnings , the chart has since established an up-channel option, respecting each price extension on its way up.
1. Trading at 36.16 in premarket, up 6.54%
2. Price came off from its diagonal resistance and re-tested the 50 MA, and is currently sitting at its second price extension per below link
3. MACD has pinched and is turned up
4. Levels of resistance to watch: 38.75-39.10 range, which coincides to the final price extension currently presented
Earnings Call: https://finance.yahoo.com/news/momo-inc-sponsored-adr-class-110000976.html?.tsrc=rss
For the complete technical analysis on this swing trading set-up, click here: https://compoundtrading.com/swing-trading-periodical-contact