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.

(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.