Yangzijiang

Yangzijiang: Voyage Research notes that Yangzijiang’s long-term uptrend is still firmly intact. However, the short-term outlook is turning bearish as prices have moved lower after failing to recapture the 100-day moving average support. Momentum oscillators like the 14-day relative strength index and the 14-day stochastic are also trending lower as they have crossed below their respective 50% levels. Upward momentum is also weakening with the MACD (26,12,9) making new lows on the downside. We expect prices to head towards the 200-day MA support of 1.03 in the near-term. Investors should avoid taking long positions in the counter for now as prices are expected to head lower.