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YELP First Price Target Hit for a Quick 11% Profit

YELP (Yelp, Inc) has hit the first target, 36.73, for a quick 11.2% gain. Consider booking partial or full profits and/or lowering stops, depending on your trading plan. T2 at 33.12 remains the final target. Original & updated daily charts:

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Oct 14, 2016 3:03pm|Categories: Completed Trades - Short|Tags: |2 Comments

2 Comments

  1. j1persi October 14, 2016 3:17 pm at 3:17 pm

    Hey Randy I took very long puts on this when your trigger hit .2018 jan expiration 40 strike. I feel this can keep going down for a number of reasons. Would you suggest giving it more room to fall

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    • rsotc October 14, 2016 5:17 pm at 5:17 pm

      j1persi- While this T1 target (the actual support line at 36.26) that was hit today is certainly decent support which could produce a reaction, meaning a bounce and/or consolidation next week, I highly favor a continued move down to at least the second target level which is set at the bottom of the big Aug 10/11 gap.

      If this week’s breakdown in the broad market sticks & the market is headed much lower as I suspect (of which we should have some more supporting evidence next week, if so) then YELP may very likely continue down to a potential target that I have around the 28.86 level. Again, whether or not YELP hits T2 or the potential T3 (which might be added as an official target) will largely depend on what the broad market does over the next few weeks. G-luck on those puts & have a great weekend!

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