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:
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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