Linkedin LNKD is rallying into resistance
$22 Billion market cap for Linked-In and despite its massive growth, investors buying the stock all the way up look like they are selling. This bounce that LNKD is in now could extend longer in price and time, but this is a decent enough level to begin to take a position around the 219-220 area. The last rally was a little over 30 points and if we assume it has another 30 point rally, then a move up to 233 would be possible to mimic it.
There appears to be a cluster of time and volume at the 220-222 area to give LNKD enough of a chance for those "buy the dips" owners of LNKD to get out at "break-even" after suffering a 10% loss at the lows here in January.
I don't want to fight this stock for long since it is in a volatile, high growth sector that is profitable (unlike Best Buy - not high growth and not very profitable), but it looks like we can piggy-back the sellers and go for a short sale up here against this resistance and look for at least a test, if not a break, of the January lows.
Cheers,
Tim 1:41PM EST Friday, January 10, 2014
There appears to be a cluster of time and volume at the 220-222 area to give LNKD enough of a chance for those "buy the dips" owners of LNKD to get out at "break-even" after suffering a 10% loss at the lows here in January.
I don't want to fight this stock for long since it is in a volatile, high growth sector that is profitable (unlike Best Buy - not high growth and not very profitable), but it looks like we can piggy-back the sellers and go for a short sale up here against this resistance and look for at least a test, if not a break, of the January lows.
Cheers,
Tim 1:41PM EST Friday, January 10, 2014
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