Momo Further Technical Rebound

Day trader looking at trading screens

Social networking platform operator Momo (MOMO) will report second quarter results on September 3. According to Bloomberg, its adjusted EPS is expected to drop 46.8% on year to $2.98 and revenue is estimated to be down 7.6% to $3.84 billion. Investors will also focus on its monthly active users, which declined 5.6% to 108 million in the first quarter.


From a technical point of view, in mid-July, we spotted a bullish RSI divergence on Momo’s (MOMO) daily chart, but it was not enough to conclude an upturn.


After price swings, Momo (MOMO) has now broken above a bearish channel, potentially suggesting a stronger technical rebound. The level at $18.60 might be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at $23.45 and $25.30. Alternatively, a break below $18.60 may suggest that the rebound has failed and the next support at $16.60 would be challenged again.


Source: TradingView, Gain Capital

Related tags: Tech Stocks Stocks earnings

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.

Economic Calendar