NEW BEARISH Plays
Qiwi plc. - QIWI - close: 34.54 change: -1.55
Stop Loss: 36.55
Current Gain/Loss: unopened
Entry on February -- at $--.--
Listed on February 03, 2014
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.0 million
New Positions: Yes, see below
Why We Like It:
QIWI is in the financial sector. This Russian company operates electronic payment systems. This stock was a big winner in 2013. Unfortunately the situation has taken a turn for the worse. QIWI's stock has been falling as investors panic over news the Russian parliament will vote on an anti-terrorism bill that limits the amount of money that people can transfer without providing their identification to just 1,000 rubles a day (about $29.80).
QIWI managed a bounce last week but traders have been selling into strength. We're suggesting bearish positions now, at current levels. However, I am suggesting small positions to limit our risk. QIWI could be volatile if there are any headlines suggesting this Russian bill could be postponed or altered in a way that would not negatively impact the company's business.
Our short-term target is $30.50. More aggressive traders may want to aim lower since the
Point & Figure chart for QIWI is bearish with a $24.00 target.
Suggested Position: short QIWI stock @ (the opening bell)