Two Reasons NTES May Reverse
The last 42 trading days have been a nice trip
north for (NTES). It has landed the company 56.6% higher than the August 2004
low. Unfortunately, the sirens are coming on and the flags are coming out.
First, I have a price resistance zone from 43-47. Second I have four time cycles
from the 11th through the 15th that are identifying a
potential reversal area. Mixing those two parameters together I’m looking for a
downside reversal to occur in the coming sessions and would be more focused on
the downside opportunity right here than the upside opportunity. I’d keep stops
on any shorts just above this resistance zone.
Good night all!
Derrik