Today Yangzijiang run against market by closing at $1.35 up 0.03cents. How we see this counter from technical point of view?
1) On tuesday, it closed well at 50% Fibo. retracement level $ 1.28. In another word, this is consider the strongest support at near term.
2) On wednesday, $1.28 support violated early morning but very quickly it had recovered from the low to form an piercing line which finally success to close above mid pirce of tuesday price range. Note: Piercing Line indicate a bullish reversal in chandlestick charting analysis.
3) Today, the rebound continue until the price meet the immediate resistant at $1.35 level which also represent 23.6% fibo retracement level.
4) Stochastic had entered oversold region and starting to crossing up as arrow on chart.
By conclude above analysis, entering at current level is encouraging where by setting a stop at a tick lower of present low or 61.8% fibo retracement level is consider an ideal set up.
