Friday, August 2, 2013

Yangzijiang (technical)

Yangzijiang: having rebounded from its 52 wk lows, and emerging strongly back above the 200day MA, the technical outlook appears to be improving. However the Stochastics is overbought, and RSI is nearing overbought levels as well, which suggests that there could be short wait before the next leg up. Watch for a break of the key $0.96 resistance, which would position YZJ as a likely bullish breakout candidate. In such a scenario, momentum could carry YZJ quickly to the next resistance level at $1.05. See near term support at the $0.90 level.

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