JOYY Inc. (YY) Keeps Tumbling, Watch This Trade Level
JOYY Inc., formerly YY Inc. (YY), is a leading social platform that engages users in real-time online group activities through voice, video, and text on personal computers and mobile devices. The stock peaked on November 17th, 2021 at $108.21 a share. Since that high pivot, the shares have tumbled and currently trade around $75.38 a share. The catalyst for the decline was due to a cautious report out by research firm, Muddy Waters.
One support level that has caught my eye for JOYY Inc (YY) as solid support will be around the $66.50 area. This is where the stock broke out in early June 2020. Often, the stock will be defended around prior breakout levels. This is also a major retrace level for the stock that should add further chart support when tested. I will be looking to play JOYY Inc (YY) stock on the long side via call options around this key support level.
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