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/

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’

Price Targets:

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.

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