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Here’s today’s newsletter:
UP Fintech Holding Limited (NASDAQ: TIGR)
My eyes are fixated on the 2 higher timeframe imbalances marked out on the chart - the quarterly bullish imbalance between 4.97-5.36 and the monthly bearish imbalance between 19.08-21.95.
TIGR is now resting on the prior quarterly imbalance level at 7.07 and forming a short-term basing pattern. It is also trading in an ascending channel pattern with higher highs and higher lows, although it still has been unable to break over the 14.48 Oct’24 high. The smoothened KDJ indicator (SKDJ) closed yesterday’s session with a bullish crossover, suggesting a new leg up is imminent going into Q4 ER on the 18th in pre-market.
Below 7.37, the key levels to watch would be the unfilled daily bullish imbalances resting at 6.26-6.36 and 5.93-6.04, as well as support at the 6.66-6.88 area (prior imbalance).
If we look at TIGR’s fundamentals, the stock is trading at a far cheaper valuation as compared to its ATHs in 2021.
TIGR is on track to finish the 2024 financial year with > US$300m non-GAAP revenue for the first time in history.
It is also on track to finish the year with yet another positive EBIT quarter.
TIGR’s trailing 12 months (TTM) P/E ratio is cheap relative to 2021 ATHs.
Its forward PE of 17.68 is cheap relative to its 2021 ATHs as well.
Is it a case of broken stock, but not a broken company? In the long term, I see TIGR heading back towards 2021 valuations, albeit with a much stronger financial position and a larger client base. The renewed optimism of the Chinese and Hong Kong stock markets, as well as a lower interest rate environment, should serve as significant tailwinds for high beta stocks such as TIGR.
$Tiger Brokers(TIGR)$ $Futu Holdings Limited(FUTU)$ $Alibaba(BABA)$ $PDD Holdings Inc(PDD)$ $Baidu(BIDU)$
@TigerWire @TigerStars @TigerEvents @CaptainTiger @MillionaireTiger
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