Yangzijiang: CIMB Technicals notes prices rebounded off the recent low of $0.95 to hit a high of $1.21 yday. But prices quickly reversed after hitting its previous support now turned resistance levels of $1.20-1.27, forming a candle with a long upper shadow. It also tested its 30-day SMA before turning down, which is another bearish signal.
Says, with the RSI reversing at is 50-pts mark, sees more negatives than positives at the moment.
Believes this bounce could be over and confirmation would come in a form of more weakness in the next couple of days. Absent of this follow through selling, would likely open up the road for further bounce into the $1.20-1.27 levels. But either way, sees prices back below the $0.95 in the coming weeks if not months.
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