Wednesday, October 16, 2013

****** Potential Breakout: Yangzijiang. Share price 1.185. ( Testing the 1.20 soon......)

Monitor closely for a Potential breakout for Yangzijiang above the Critical 1.20 Psychological resistance level. A break above the level can see it go to 1.26 to 1.30 fast which was the high seen in March last year. Aggressive traders can consider entering some long positions in wait for the breakout and average up on this break.. Currently at TOP 5 Volume while making this attempt. Consistently above the 20 day MA (Green line) since the break above 0.98 level last month which shows that upward momentum still intact in the short term, even market  weakness last week has seen it rebounded fast on any pullback. Huge sellers at 1.20 at the moment but after that its free to go and we can expect to see buyers coming in if resistance clears out.
Stop loss at 1.18 for long positions on this breakout.
UOBKH – 10 Oct 2013

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