Some profit taking seen as soon as it nears 0.65, where to now??? Now at 0.625
From previous call, we have indeed seen China Everbright break above the 0.60 psychological resistance level which has now turned support. With this level holding now, we can still expect more upside towards 0.65 then 0.70. Those who have already locked in some long positions last week, please raise stop loss to protect profits.
We are seeing a move above the KEY 0.55 resistance level as mentioned last week. Any closing above 0.55 now can see a new upward phase towards 0.60 then 0.70 as mentioned. Strong volume seen on today’s move, stop loss can be at 0.54 for any long positions. As long as 0.55 holds as the new support now, we are short term bullish with a reversal still possible.