Long | CNETNASDAQ:CNET
Possible Scenario: LONG
Evidence: Price Action,
TP1 ~6$
* 30% Profit
This is my idea and could be wrong 100%
CNET
CNET Daytrade Action, Fibonacci UptickCNET bounced right off fib line on heavy morning volume, almost like free money, then retraced 50% of the move mid day for a second run to reach a new HOD.
CNET - CHINANET ONLINE HOLDINGS SIGNIFICANT LEVELS ON WChinanet shares reached an incredible evaluation this month, from 1$ up to 4$. There are some positive news that probably had catalized this strong uptrend. First of all the company is in discussions for a partnership with Alibaba's online shopping unit Taobao. On September 22 ChinaNet Online Holdings announced that the company won the Best Company in Chinese Entrepreneurial SME Business Development Marketing at the 2014 Chinese e-Commerce Industry Gateway Conference. At the moment we are at 3$ level, and i think it's still possible one more leg up till 4 - 4,5$ level, that is a strong resistance area from 2010. When such impulsive uptrends occur they are normally followed by a strong retrace. Even if we touch the 3,5-5$ resistance area i think it will follow a strong retrace untill 1,7 - 1,3$ area. Also in the past this stock shows about 78% retrace after an impulsive uptrend. If this security breaks the 5$ resistance it can easily go to previous hight on the 7$ level, that can open the road for the blue sky territory or invert the trend.
Good luck for your trading
