LinkedIn Shareholders: Look out Below
LinkedIn Corp (LNKD) shares are trading at $179.97, just 3% from its 12 month high. The good times can't keep going forever on this Facebook for 'Professionals'.
Classic Head and Shoulders pattern as the chart shows below. What in the hell are we talking about?On the technical analysis chart, the Head and Shoulders formation occurs when a price trend is in the process of reversal either from a bullish or bearish trend; a characteristic pattern takes shape and is recognized as reversal formation.
LinkedIn has gone on a tear in 2013, YTD the stock is up 56%. Thanks to that massive increase LinkedIn's market cap is now $19.6 billion. If only they were worth $22.5 billion which is how much market cap Apple lost today (check out Stocks Suck even Apple).
If LinkedIN breaks down, the next stop will be the 50 day MA, which is currently just below the $170 level. Depending on Market conditions and its earnings report on May 1st, LNKD could freefall all the way down to the 200 day MA, which is $125 a share. It will be interesting to see how this plays out.
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