This Tech sector stock has good RS $NTES – October 26, 2023
This is Scott with your Chart of the Day. I want to take a look at NetEase ( NASDAQ: NTES ).
Now, while the rest of the market looks blah, NetEase ( NASDAQ: NTES ) is actually holding up well. It is above all of its major moving averages and giving us a nice sideways base of consolidation. Yes, it’s choppy and sloppy, but, for the most part, it is still holding up decently.
If I zoom out here, I can see a pretty clear resistance zone that I think is important for this stock to break out of this consolidation zone, and that is right around that 111.00 level. So I am going to set an alert, on my software, for a breakout alert, on NetEase ( NASDAQ: NTES ), right around 111.00.
They do have earnings coming up in the middle of November. But I think, if the market starts to firm up, this could definitely be one to watch. Perhaps you want to consider getting a little piece of this stock around these moving averages. And then adding with a break and a close above that 111.00 level, coming on volume.
That is just a quick idea that I’m watching. I am not doing much in this market right now, but I am certainly building a watch list and looking for stocks that have a good amount of relative strength, and I think this is one of them.
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