MOMO Trade on Sep 3, 2020 10:32 from Cklamb: Tradervue User Stock Trades.

MOMO
Intraday Fundamentals
• 06:21 AM EDT, 09/03/2020 (MT Newswires) -- Momo (MOMO) on Thursday posted Q2 adjusted income of RMB3.05 ($0.43) per American depositary share, down from RMB5.60 per ADS in the year-ago quarter.
• Analysts polled by Capital IQ had expected adjusted EPS of RMB2.94.
• Net revenue was RMB3.87 billion for the three months ended June 30, down from RMB4.15 billion a year earlier. The Street forecast was RMB3.84 billion.
• Looking ahead, the China-based mobile social networking platform said it expects Q3 net revenue of between RMB3.7 billion and RMB3.8 billion. Analysts have been expecting RMB4.3 billion.
• Momo's board authorized the repurchase of up to $300 million of the company's common shares over the next 12 months. The company plans to fund the repurchases from its existing cash balance.
Technicals
ADV 4.31m RVOL .79 ATR.76 BETA 1.55 Short 5% Inst Own 71.20%
Daily Chart

Hourly Chart

Intra Chart

Trading Strategy
• Look for the morning VWAP short if this crashes the PM low and moves back to test. Set a stop somewhere above 19.00
• 17 is a deep sell off long with a 50 cent stop
• VWAP test opposite the incoming momentum
Reading the Tape
Trade Notes
Long-Term level as Support- I needed to not market in on this. Other than that, I would say this was a solid set up looking for a harder hold of 17. I had a limit in prior at 17.02 and probably should have should some patience on the set up using an ATR stop of about 14 cents. It would have lost either way. It was pretty close to on plan there was just no bounce off this level of support.