YY - Continuation pattern
YY is a Chinese video social media platform, most prominently featuring video streaming. It has a massive user base (although many outside of China have never heard of it) with over 300M users and is rapidly growing.
After the most recent earnings report, price of the stock went from $140 to as low as $115 - and as far as I can tell, there was no "fatal" bad news. This dip is a good opportunity to buy in.
Looking at the chart, we can see that YY has been on a long bull run since the start of 2017. With the recent price action, it appears to be forming a flag - which is a continuation pattern. We should see the price test $135-$140 again very soon, and if broken, we may see another strong bull run leading up to the next earnings report (May 8). If it cannot break through the upper bound (or even breaks down), things will get a bit more interesting..
After the most recent earnings report, price of the stock went from $140 to as low as $115 - and as far as I can tell, there was no "fatal" bad news. This dip is a good opportunity to buy in.
Looking at the chart, we can see that YY has been on a long bull run since the start of 2017. With the recent price action, it appears to be forming a flag - which is a continuation pattern. We should see the price test $135-$140 again very soon, and if broken, we may see another strong bull run leading up to the next earnings report (May 8). If it cannot break through the upper bound (or even breaks down), things will get a bit more interesting..
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