Weibo nice reaction on support.
Weibo is one of the most used social media platforms in China.
Since more and more people in China are being connected to the internet (behind the great firewall) and thus only chinese social media are available for them, i expect this stock to get to new highs.
After a downtrend that allmost took an entire year, Weibo has found support at the golden pocket. When we take our Fib extension tool we see that a very reasonable 1 to 1 extension takes us up towards the 180$ region.
Before entering i want to see price moving up through the diagonal resistance, creating a higher high and finding support at the 3D 200 EMA.
Since more and more people in China are being connected to the internet (behind the great firewall) and thus only chinese social media are available for them, i expect this stock to get to new highs.
After a downtrend that allmost took an entire year, Weibo has found support at the golden pocket. When we take our Fib extension tool we see that a very reasonable 1 to 1 extension takes us up towards the 180$ region.
Before entering i want to see price moving up through the diagonal resistance, creating a higher high and finding support at the 3D 200 EMA.
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