NetEase, Inc. (NTES)
By Thu, May 28, 2020
Hello everyone,
Even though it’s a 4-day week, it’s been a LONG week already. Hopefully it’s going great for all of you so far.
For everyone who emailed in for our Chart of the Week, the holiday threw off the schedule, so here it is for you today: NetEase, Inc. (NTES).
NetEase is a Chinese video game maker that’s absolutely crushing it right now.
They just announced a new video game pipeline generating some buzz.
But as you know, that’s now how to evaluate an opportunity.
What I love most about NTES is that big beautiful base!
Not just on an absolute basis, but a relative basis, as well.
NTES is ready to soar, and we’re ready to take advantage by being LONG above $375 with an upside target of $500.
That’s some phenomenal risk to reward right there, which is another reason to love this one.
That $500 mark is a nice round number, but it’s also the 161.8 Fibonacci extension from the ENTIRE base.
That’s it until next week’s chart!
Til next time, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
