IQIYI Inc Buy Alert: Technical Support Tagged

By Gareth Soloway of In the Money Stocks

President & Chief Market Strategist at IntheMoneyStocks • Mar 25, 2021 at 2:12 PM EDT

The stock chart is into major support at $22.20. This should yield a near-term bounce back to $25.00.

Shares of IQIYI Inc (IQ) took a beating yesterday after reports emerged that the SEC will tighten the listing requirements for Chinese stocks. To be clear, the stock fell 20% yesterday on no major developments with the company itself. The proposed listing requirements are that Chinese stocks would have to report earnings based on the same metrics as US stocks. This should not be hard for bigger companies to do. In addition, the stock chart is into major support at $22.20. This should yield a near-term bounce back to $25.00.

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