Since the election, we have seen a big shift from high beta to lower beta names as money flows into financials, metals and natural resource stocks. Chinese stocks have also been pushed aside, yet some continue to perform well. One of those is Sina. This online media company has been scorching hot since midsummer, rising about 50% in the month of August alone. That is amazing performance, sending its relative strength through the roof.
After about a 50% retracement, the stock has started to go vertical once again, and with strong turnover to boot. The MACD is flashing a buy signal and momentum indicators are solidly in overbought territory. The stock’s path over the next few weeks may follow the broken orange lines, which would put this stock at highs for the year. This is one name we’ll definitely be watching.
Sina (Nasdaq: SINA) Video Chart Analysis
Take a deeper dive into the chart action on tech stock Nasdaq: SINA and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About Sina
SINA Corporation, through its subsidiaries, operates as an online media company in the Peoples Republic of China. It operates SINA.com, an online brand advertising portal that provides region-focused format and content, including multimedia news; business news coverage and personal finance columns; sporting events news; automobile-related news; entertainment news and events; technology updates; interactive video products, such as news, sports, entertainment, and education; and education, digital, fashion, eLadies, luxury, health, collectibles, travel, and other interest-based channels. The company also offers SINA mobile, a mobile portal, which provides news information and entertainment content from SINA.com for mobile users in mobile browser and application format. In addition, it operates Weibo.com that offers self-expression products to enable users to express themselves on Weibo platform; social products to promote social interaction between users on Weibo platform; discovery products to help users discover content; notifications, games, VIP membership, and mobile apps; advertising and marketing solutions; and tools and application programming interfaces.
