Another Chance to Pick Up Yandex

 | Dec 01, 2013 | 11:00 AM EST  | Comments
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Stock quotes in this article:

yndx

With some of the trade setups I give you, I outline a possible entry for a stock that has yet to test a crucial level. For some, it's a secondary entry against a setup that has tested its level, and is already in play. The latter is the case for Yandex (YNDX).

Yandex (YNDX) -- Daily
Source: Dynamic Trader

Let me explain the original trade setup. I'd identified a price-cluster support zone that came in on the daily chart with the price support at the $35.23-to-$35.96 area. The actual low was made at $35.59 on Nov. 8, directly within this zone. In addition to this, a few Fibonacci timing cycles also confirmed higher-than-usual odds for a possible reversal to back upward -- as those cycles came due Nov. 8. This was a beautiful coincidence of both time and price parameters.

The initial rally off this low was healthy, though the low was later retested and once again held. Since my initial upside target on this setup does not come in until the $43.74 area, I am still interested in the buy side of this stock.

Now that Yandex is experiencing a nice pullback to the recent lows, I think this is a great time to look at a secondary entry to the original trade setup. Let's take a look at the 30-minute chart next for a view of the pullback zones.

Yandex (YNDX) -- 30 Seconds
Source: Dynamic Trader

I'm interested in two standout zones for an area to enter this trade: From $37.41 to $38.13, and from $36.40 to $36.94. Even if you don't wait for an exact hit of the support, I do like the current pullback -- and I'm defining my risk as being below the Nov. 8 low. With these secondary setups, by the way, I like to use options.

If the Nov. 8 low is taken out, I will back off the buy side until further notice.

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