November 14, 2009 § Leave a comment
Yangzijiang after forming a very pointed converging triangle, finally broke out of its several times tested resistance of $1.05.
It broke out with great conviction on high volume.
GMMA has just started to cross over indicating that a new uptrend is just starting.
Stochastic is yet to reach over bought level.
Baltic Dry Index has been surging for the past few sessions along with commodity prices. It is poised to retest the previous high acheived a few months back.
All these indicates Yangzijiang is still a very good buy technically.
Stop loss at $1.03.
November 5, 2009 § Leave a comment
[No Charts Available for the day]
After much blood letting, stochastics are beginning to turn up.
GMMA shows that the long term moving averages are giving good support at 2620, which coincides with the support line at 2620.
The 2620 level has proven resilient and came dangerously close to breaking it 2 days ago.
Talks of a double dip recession coming does not seem to justify the charts. Charts shows the real thing and talks are cheap.
On the global front, despite the whipsaws seen in the US market for the past 2 weeks, the Dow Jones is still trending up.
Shanghai Composite Index has already broken its short term downtrend, and is ready to resume its uptrend.
Based on the experiences of this rally, the China market is a very good leading indicator for the rest of the Asian markets.
Commodity Index is also touching their uptrend line and resuming their rally.
STI charts shows that this is still an oscillating market, a phase of consolidation, where boys and girls get spooked by Halloween tales.
Weak bulls are out, new bulls are in and frightened bears covering their shorts. With each dip, the bulls will come back stronger.