AI
Wednesday, May 09, 2018 11:43:49 AM
Weibo Corp (NASDAQ:WB) is a leading social media platform for people to create, distribute and discover Chinese-language content. The stock is plunging lower today by 13.5 percent after reporting earnings. Traders should note that the stock is now testing its important 200-day moving average at $110.40. A daily chart close below this major moving average should indicate further downside for the stock in the near term. The next major support level for the stock will be around the $94.00 area. This is where the stock rebounded from a downtrend back in October 2017. Generally, this important area will be defended when retested. This $94.00 area is where I would look to trade WB on the long side.
Nick Santiago
InTheMoneyStocks
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