TAL at Fibonacci 61.8 key support level but above 200EMA
Updated
TAL is at key support level 61.8 Fibonacci retracement, very similar to FB's 22% drop post-earnings.
If TAL is able to close on top of 200EMA - the market remains bullish on the stock.
Depends on the coming days, I think the chances are high - MW already published 4 parts of their short thesis around accounting fraud of TAL's acquired business (i.e. not its core business), short seller's attack in June also does not seem to show much impact, and short interests are at +13% post TAL's missed earnings.
Will monitor for next few days before entry. Overall still long.
If TAL is able to close on top of 200EMA - the market remains bullish on the stock.
Depends on the coming days, I think the chances are high - MW already published 4 parts of their short thesis around accounting fraud of TAL's acquired business (i.e. not its core business), short seller's attack in June also does not seem to show much impact, and short interests are at +13% post TAL's missed earnings.
Will monitor for next few days before entry. Overall still long.
Note
Support did not hold. According to charts, next support is at $31.6. Shall see. Market is not in its favour.Note
TAL dropped out of 200EMA zone, and is testing 78.6 support line. let's see if it holds. RSI and MACD looking unfavourable.Note
TAL tested 200 EMA but failed to break through, seems like now ready to drop to support levels of between $27-28.Order cancelled
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