Yongnam: Broke resistance! 29.5c tested.

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.)

China Minzhong: Sharply up! Going higher?

Mr. Market certainly likes the news that Indofood has become a substantial shareholder of China Minzhong. Like a child on a sugar high, its share price rushed upwards today.

I did another partial divestment as share price closed the gap at $1.20. This tranche which was divested had shares which were purchased in June last year at 55.5c a piece. So, the ROI is pretty high.

Together with the tranche of shares I divested last month, I have in total sold about 60% of my investment in China Minzhong. With the gains from these divestments, it also means that my remaining investment in China Minzhong is "free".

Will China Minzhong's share price continue to rise tomorrow? Only Mr. Market has the answer.

If share price should progress higher, watch those golden ratios.

138.2% is at $1.30.

150% is at $1.37.

161.8% is at $1.435.

Related posts:
1. China Minzhong: Indofood is a new substantial shareholder.
2. China Minzhong: 2Q FY2013 stellar results.