GSX Techedu Inc Keeps Falling, Here’s The Trade

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.

(Click on image to enlarge)

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 ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.