Weibo Declines Despite Earnings Beating Estimates
On Wednesday, Weibo Corporation released its Q1 earnings results. Net revenue for the previous quarter registered at $119.3 million, about 20% higher than the reading in the same period last month. The EPS also surged to $0.07, knocking down estimates of $0.04 earnings per share. On the hourly chart, the stock .WB ticked up to the resistance of 23.84 after the earnings were released but then slid down to the level of 23.06. RSI hovers around the average, giving no clear signals on the price movement. The stock is anticipated to move sideways for a while in a narrow range before creating a breakout.
Sell at 23.06, Take Profit at 22.78, Stop Loss at 23.21