Tuesday, January 4, 2011

Yangzijiang back in play

STI closed 3250 today, extended its new year rally by another 15points. Since the index break above 3220, we expect 3220 to hold up as support. Resistance expected to be at around 3270 area. Short term wise we are in the overbought region, meaning: alot of stocks already run, dont chase. Long term wise, we are still on an uptrend.

Yangzijiang 2.01, today breakout above resistance line of a symmetrical triangle pattern with high volume. This represents a possible resumption of uptrend in the mid-long term. Can consider entry with stoploss set at 1.95
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