JOYY Inc. : Back on its upward trendline
By Pierre Gilles de la Londe
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
US$64.04 | US$0 | US$60.5 | -100% |
Fundamentals show great growth potential on YY joined to a sound financial situation. Sales and EPS forecasts are encouraging as suggested by the Thomson-Reuters consensus.
From a technical viewpoint, the stock is one more time in contact with its upward trendline which should act as a support once again. This upward level is legitimate as much as it's present in daily and weekly data. Moreover the 20-day moving average has recently broke-out the 50-day moving average which legitimate our upward scenario. Our target will be set at USD 71.55, level which correspond to the mid-term pivot point and also to the 20 and 50-week moving averages.
To conclude, investors can buy the stock at current prices in order to reach the USD 71.55 level. In case of a trendline breakdown, positions should be closed.