Wednesday, December 23, 2020 4:11 PM EST
GSX Techedu Inc (GSX) is a leading Chinese based company that provides online K-12 large class after school tutoring services. The stock was a major winner earlier this year, It traded as high as $141.78 a share on August 8th, 2020. Since that high pivot, that stock has plunged lower and is currently trading at $52.08 a share. The stock has been under constant pressure lately facing several downgrades and lower price targets by analysts.
Traders should now watch the $45.00 area for important chart support. This important support area is where the stock broke out in June 2020. Often, stocks will be defended by the institutional crowd when they test prior breakout levels. I will be looking to enter a longside trade in this stock around this key level using call options.
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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