Thursday, July 5, 2018

YZJ Shipbldg: Target hit, BUT downtrend may still play out...Price 0.885

Following up from previous blog post when YZJ Shipbldg was at 1.07 >>>

It was mentioned that more downside can happen, especially if 1.00 give way

True enough, we have indeed seen the breakdown of the 1.00 level a few days later and down it went all the way towards our target at 0.900..

However, it has staged a strong technical rebound from the 0.900 and managed to climb back above 1.00 last month..

Just about 3 weeks back, we then spotted some bearish price actions for the downside to continue and some target were drawn…

See what I mean….

We have hit our target at 0.900 again over the past week but seems like more selling is back

There seems to be a breached of the 0.900 support over the past few days…

Can there be more downside towards our next target as reiterated below recently?

Well, downtrend still looking intact below 0.90 now….  

And we actually had a Bearish signal on the PTI system… PTI grads can check….

No exits for now…. Would want to protect shorts though… J

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