Yongnam: Partial divestment at 33.5c.

Building on my observation that Yongnam's stock price seems to move in blocks of 1.5c, I have been putting in overnight sell orders at 34c for a few sessions. These sell orders did not manage to get filled even as the stock touched 34c in recent sessions.

With CMF forming lower highs, we have to think that smart money has grown less enthusiastic about the stock even as the recent high of 34c was repeatedly tested as resistance. So, I made a decision to partially divest at one bid lower than 34c today.

This batch of shares was purchased in February 2012 at 24.5c a share. So, the result is a capital gain of 36.73%. Of course, I also received 2 rounds of dividends of 1c per share in the same period. Total ROI is 44.89% over a 15 months period. Not too bad.

Yongnam's stock is trending up and the channel is clear to see. It is currently testing the resistance of the channel. There is a chance it could break out of resistance but with volume anaemic, the chance is slim. There is also a chance it could pull back to test support provided by the rising 20d MA or even the support of the rising channel.

Technically, it seems more prudent to lighten my long position in Yongnam and to wait for a pull back before loading up again.

Related post:
Yongnam: Partial divestment at 31c.

Happy Mothers' Day!

Today, my family had a very happy time together having lunch.

For dessert, my sister cut up some very sweet papaya and mango. She also baked a beautiful cake.

To all readers who are mothers,

HAPPY MOTHERS' DAY!

You ladies deserve it!