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JOYY Inc (YY) Breaks Key Support, Here’s The Trade

JOYY Inc (YY) is a leading Chinese social media platform that engages users in real time online group activities through voice, video and text. Traders and investors should note that this stock peaked out on February 16, 2021 at $147.78 a share. Since that top, the stock has plunged lower and is currently trading at $89.57 a share.  Yesterday, the stock just broke below its 200-day moving average signaling further weakness on the charts.

 The next major support level for JOYY Inc (YY) stock will be around the $80.00 area. This level is where the stock was defended in late December 2020 before rallying to new all time highs. Often, prior support levels will serve as excellent support when retested. This support area is also near a major retrace area adding strength to the level.   

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