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On 14 February, in a reply to a reader regarding my take on Yongnam, I wrote:
"My view? Technically, positive momentum is very strong and there is a chance that resistance could be taken out if this keeps up."
Hot on the heels of that statement, the share price broke resistance at 28c today on the back of heavy volume to touch a high of 29.5c. Spooky!
Of course, based on my observation that Yongnam's share price seems to move in bands of 1.5c, 29.5c is the new resistance to watch. 28c is the new immediate support.
On 15 February, in another reply, I wrote:
"Although I don't have a working crystal ball, I am almost sure that Yongnam would hit 31c a share in the next 12 months. There, I know I shouldn't say things like this but I am not WB. So, indulge me."
Now, if 31c were to be reached this week, it would really be spooky!
Related post:
Yongnam: Partial divestment at 27.5c.
(See the comments section.)
Bloggy Award
2 comments:
The white paper effect lol. Big major construction projects are in the pipeline and it is obvious big con co like Yongnam will benefit.
Nevertheless, hat off to your TA sharpness and strong FA. Will look closer at this stock from now on LOL.
Hi seefei,
I like how you put it. White paper effect! ;p
I try my best to marry FA and TA. This approach has produced some great results for me thus far. :)
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