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SINA Piper Jaffray

Posted by StockBuz on December 19, 2011 at 7:56am
China Weibo provider SINA has been on a downtrend since our initial short entry months ago; this all due to impending China tightening regulations on internet usage. However Friday Piper Jaffray came out stating that they feel the restrictions have been baked in, if not overdone at this point. They reiterated their price target of $139 and a huge short squeeze ensued. Whether it will hold is a matter of speculation however a case can be made for a fall wedge so I would be a buyer on a breakout of the wedge, and would add on a test of support after that breakout with a stop below the low.......again only **if** the wedge were to breakout to the upside.

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Tags: china, long-ideas, sina
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