Thursday, July 29, 2010

ChinaFish, HL Asia - Triangle

China fish: Today has closed below the 50ma(green line), this is a significant support line for short/mid-term trading. Once broken, it could possibly go lower. Traders will wait another day for confirmation.

HL Asia, this stock seems to be struggling along the 200ma, the most significant support line.However, I have observed a few "Fakeouts" in the past months. Fakeouts are basically fake breakouts, price break through resistance/support. There are substantial accumulations when the stock breaks below the 200ma, hence pushing the price back above 200ma. Will this time be downside fakeout again?
Another view from the chart, it is forming a ascending triangle pattern, once it break the resistance(horizontal line) we shall see a good uptrend breakout!