GSX Techedu Inc (GSX) is a leading Chinese based company that provides online K-12 large class after school tutoring services. The stock was a major winner earlier this year, It traded as high as $141.78 a share on August 8th, 2020. Since that high pivot, that stock has plunged lower and is currently trading at $52.08 a share. The stock has been under constant pressure lately facing several downgrades and lower price targets by analysts.
Traders should now watch the $45.00 area for important chart support. This important support area is where the stock broke out in June 2020. Often, stocks will be defended by the institutional crowd when they test prior breakout levels. I will be looking to enter a longside trade in this stock around this key level using call options.
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