LNKD rebounded off the 70.04 low (25 Aug) following the bullish RSI divergence formed from the 08 to 25 August lows on the daily chart and breached the steep 22-day bear trendline resistance (from 28 Jul/15/26 Aug highs) to reach 89.31 (31 Aug high) before consolidating. While 80.73 holds, scope remains for bulls to target the 93.53 key lower high (Resistance 1) near 50% retracement of the 115.05 (28 Jul high)/70.04 decline. An upside break there would stage 96.20 (Resistance 2) ahead of 100.44 (Resistance 3).
It would take a return through 80.73 to shift focus lower. A downside break below would reopen 75.89 (Support 2) which guards 70.04 (Support 3) for a potential retest.
Trading Indication:
Short-term (Intraday):
Buy at 82.30 or lower;
Target at 93.58 and higher; Stop Loss at 80.70< (2.0%)
Long-term: Possibly sell higher
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