After the YELP (Yelp, Inc) short trade hit the final target for a 20% gain yesterday, YELP now offers an objective long entry here for a bounce trade off support with a suggested stop below 32.60. Yelp will be added as an Active Long Trade here at support in anticipation of a breakout above this bullish falling wedge pattern. As this is only intended as a quick, oversold bounce trade off support at this time, the sole price target is T1 at 34.66 with the possibility of a second price target around the 36.60 level to be added, depending on how YELP & the broad markets trade throughout today & into early next week. The suggested beta-adjustment for this trade is 0.9.
YELP 60-minute Oct 28th