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Friday, July 29, 2011

Yangzijiang Update

Since my last post dated July 19, Yangzijiang has gained 13 cents.

Daily Chart:
Prices are now facing resistance from the downtrend line. Stochastic is over bought. We may see some short term retracement if it is unable to overcome the resistance.



Weekly Chart :
Parabolic SAR buy phase triggered ( Bullish )



Monthly Chart :
A hammer candlestick in star position, a typical sign for bullish reversal



Conclusion:
This counter is still trading below the 200 MA and thus considered a bearish stock. However, the weekly and monthly charts are shedding light for bullish reversal. The daily chart signals a possible pull back, ideal for position trader to start accumulation.

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posted by Market Wizards @ July 29, 2011 Comments: 0