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There was a bit of excitement in the price action of China Minzhong towards the end of the day. It broke the long term resistance provided by the declining 100w MA to touch a high of $1.05.
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| Daily chart. |
However, volume was lower than the day before and without higher volume, share price closed at $1.025 or just one bid under the long term resistance. A long legged white spinning top was formed in the process, suggesting that bulls and bears are evenly matched.
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| Weekly chart. |
With three more sessions to go this week, we could see a new high in China Minzhong's share price if volume expands while it continues to push higher.
That volume was lower suggests that many are waiting on the sides to see who would win the tug of war.
A convincing break above resistance would invite a mad rush from the bulls. An obvious decline would invite a mad rush from the bears.
Which camp do you think I am in?
Related post:
China Minzhong: Partial divestment at $1.01.
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4 comments:
I think you don't really care, since either way you profit in the long run...haha
I'll hazard a guess. AK will be in the bull's camp. :)
ha ha, so really... will you chase after CMZ? or wait for the next dip?
Hi Jeremy,
Of course, I care. ;)
I care because I would want to buy more at supports and I would possibly sell more if price were to go much higher. :D
Hi Ray,
I am neither a bull nor a bear here. I buy at supports and sell at resistance. Well, I try to anyway. ;p
There is still a chance of a retracement. Of course, if the declining 100w MA is taken out with heavy volume, then, the picture changes.
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