Autohome Tanks On Earnings: Here's The Trade
InTheMoneyStocks.com | Aug 08, 2018 02:38PM ET
Autohome (NYSE:ATHM) is an online destination for automobile consumers in China. On Wednesday, the company reported earnings that were less than well received by the markets. The stock traded lower by more than 9 percent to $86.58 a share. Traders should note that Autohome is now trading down into its 200-day moving average. This key support area is holding up as support right now, but a close below it could signal more selling in the shares.h3 Support/h3
The next key support area for ATHM stock is around $70. That's where the stock will have a major retrace level on the chart and should be defended. It is also important for traders to understand that the Chinese market is down-trending, trading lower by nearly 17 percent this year.
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