A look at YELP: A pullback to test the 50-day moving average is working out.
Yelp ($YELP) averages are at $68.72 (21 day SMA), $64.38 (50 day SMA), $38.73 (200 day SMA). Over the past 52 weeks YELP has traded from a low of $16.32 to a high of $75.37. YELP was last at $67.94 on a volume of 6,229,720. Average daily volume has been at 3,584,152.
|
After reporting earnings on Tuesday, YELP gapped down and tagged the 50-day moving average. The selling stopped at that level and YELP is now back above that key moving average and trading on high volume. With current support at $63, YELP is at the low end of the range. The current trading range is between $63 and $75. Technically oriented traders may wish to buy as close as possible to the 50-day moving average and then consider selling some of that position when YELP moves back to test $75.
Yelp! Inc., connects people with local businesses. Its platform features more than 22 million reviews of almost every type of local business, from restaurants, boutiques and salons to dentists, mechanics, plumbers and more.
Articles