Just about 2 weeks back we saw YZJ Shipbldg approaching the key resistance at 1.25 level…
There were some selling that returned as it approached that level and was expecting more downside from there…
Indicators were also pointing towards more weakness and hence the guess that this resistance would mostly hold…
See targets that we drawn to the downside…
Over the past few days, seems like we have indeed seen YZJ Shipbldg trading lower and back to our downside target at 1.05…
We may start to see some short covering coming back from here…
But downside may not be over and targets may be revised lower on more bearish price actions… probably to 1.00 then 0.900….
Let’s see….
Cautious long… good to cover shorts and take profits near here too given the sell down we have seen as we may see a technical rebound too.….
We saw some Bearish signals on the PTI SYSTEM recently too…
Still no exits….
See where we are below now…. Targets playing out as per chart above…
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