YELP (Yelp, Inc) was another one of the holdings of the social media etf, SOCL, covered in last week’s Social Media Stocks video. The trigger for a short entry was to be a break below the descending triangle pattern, which occurred today. Although down sharply today, the stock didn’t close too far below the bottom of the pattern and as such, may still offer an objective short entry or add-on tomorrow, should it trade at or somewhat above today’s closing price of 58.18 but no further than the bottom of the pattern (60.42). Suggested price target levels have been added to this updated daily chart.
