A look at Yelp before earnings tonight
Yelp ($YELP) averages are at $68.79 (21 day SMA), $63.64 (50 day SMA), $38.26 (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 $67.57 on a volume of 3,053,270. Average daily volume has been at 3,320,577.
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YELP is currently testing the 50-day moving average. The company announces earnings after the bell tonight and is likely to make a big move. The question is…which way! Rather than try to guess the direction, technical traders should be looking at levels. If the stock gaps down, it’s likely to drop below the 50-day moving average. In that case, the current trading range ($66 – $70) would likely be resistance on any bounce. $75.37 is an all-time high for YELP. A move above that level could be the start of even higher prices.
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.
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