JOYY Inc (YY) Breaks Key Support, Here’s The Trade

JOYY Inc (YY) is a leading Chinese social media platform that engages users in real-time online group activities through voice, video, and text. Traders and investors should note that this stock peaked out on February 16, 2021, at $147.78 a share. Since that top, the stock has plunged lower and is currently trading at $89.57 a share.  Yesterday, the stock just broke below its 200-day moving average signaling further weakness on the charts.

The next major support level for JOYY Inc (YY) stock will be around the $80.00 area. This level is where the stock was defended in late December 2020 before rallying to new all-time highs. Often, prior support levels will serve as excellent support when retested. This support area is also near a major retrace area adding strength to the level.   

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