Do we have a Match to light this stock up? $MTCH – February 24, 2021
This is Scott with your Chart of the Day. I want to take a look at Match Group ( NASDAQ: MTCH ). I think Match ( NASDAQ: MTCH ) is a great reflation trade as the economy reopens and people have a chance to go dating again. I mean real dating, not Zoom dating.
I am taking a look at this chart right now and I like what I see so far. As you can see Match ( NASDAQ: MTCH ) is in a well defined uptrend and it is right near its key moving averages, the 8 exponential, the 21 exponential, and that 50-day simple. Yesterday the stock came back down, tested its 50-day moving average, a successful test, and pushed through its 21-day exponential period moving average.
Today, a little bit of an inside day. I like this because typically if we get kind of a test of the 50-day and then a bounce up, you can have some selling into that initial bounce as anyone who bought the stock up here is still technically underwater. I like that we have a little bit of sideways consolidation right around its key moving averages.
Now, what I want to see from Match ( NASDAQ: MTCH ) is a move above 162.00 coming on volume. So I am going to set an alert right at 162.00 and I want to see the stock push through that level and do it on higher than average volume. Here on the hourly chart, you can see how we are building just kind of a nice sideways consolidation, a nice hourly flag and you can see how it’s tagged just below that 162.00 level a couple of times.
In the last hour of the day today we had a nice pickup in volume to finish things off, so I like our chances here with Match ( NASDAQ: MTCH ). I will be watching it tomorrow for a move above 162.00 coming on higher than average volume.
Now, initially, you would probably want to put a stop right under today’s intraday low. But if you are more of a long-term position trader or if you are trading with small size you could consider a stop right under Tuesday’s intraday low, that’s around 151.00. So set an alert at 162.00 on MTCH ( NASDAQ: MTCH ) and we will see how it trades tomorrow.
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