Friday, January 25, 2013

Monitor Closely: China Minzhong. Trading Buy on breakout. Price now 1.03

Recap of earlier call made on this counter on 18th Jan 2012 last Friday. It has then broken the 0.92 resistance and came up quickly to test the 1.05 level. Possible to consolidate between 1.00 psychological support level and near term resistance at 1.05 for a moment before heading higher. A breakout above 1.05 could open the way to 1.15 to 1.18 level. All the best.

Some traders who would like to catch the breakout can consider accumulating some during the consolidation phase but you might have to wait for the surge.

1.05 will be the new support level on a successful breakout.

No comments:

Post a Comment