As This Tech Stock Approaches Resistance, Will It Breakthrough?

As This Tech Stock Approaches Resistance, Will It Breakthrough?

Posted On August 9, 2022 1:23 pm

Sea Ltd. is an internet and mobile platform company, which engages in the provision of online gaming services. It operates through the following segments: Digital Entertainment, E-Commerce, and Digital Financial Services.

Take a look at the 6-month chart of Sea (NYSE: SE) below with the added notations:

Chart of SE provided by TradingView

SE has hit the $90 mark as resistance (blue) on multiple occasions since the end of April. The stock has made it up to that mark to start the week, but now seems to be pulling back again. A break above $90 could open the door to higher prices for SE.

The Tale of the Tape: SE has an important level of resistance at $90. A long trade could be entered on a break through that level, with a stop placed below it. However, if you are bearish on the stock, a short trade could be made on any rallies up to the $90 area.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or…

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