NetEase Defies Bearish Signals in Rally That Still Looks Strong
- Rises 70% as 12 downward indicators fail to halt upward trend
- Stock is three standard deviations above its five-year average
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NetEase Inc.’s U.S.-traded shares, up 70 percent since August in one of the Beijing-based online gaming operator’s strongest-ever rallies, have defied repeated bearish signals and show no signs of stopping.
Since its four-month low on Aug. 24, the stock has displayed a dozen candlestick patterns that can presage a downward reversal, including one yesterday and two last week. In that period, it has sent only four bullish signals.