CORRESPONDENCE COURSES
Ying Li Intl: Selling pressure to continue further after a rest? Price 0.102. Cautious.
Author: Trading Impossible | Joey Choy
Go to Source
Just last week, we saw some pretty bearish actions in Ying Li with it breaking the 0.110 support…
There were already signs of weakness, especially with all the short term moving averages starting to point down and more importantly,
With prices breaking below them..
The bearish move below 0.110 can see more selling with first target at 0.100, the psychological level where some would want to do some short covering…
Some targets were drawn as seen below..
Over the past few days, we have indeed traded lower and have touched the 0.100 key support for now..
As mentioned, buyers were back which is normal given the heavy sell down..
Short covering seen for now where those who shorted previous would like to consolidate positions and take some money off the table..
Our 2nd downside target as drawn above may not be over and can still play out..
Reiterated once again below where any bearish price actions can see the selling continue…
Likely to see some consolidation above 0.100 for now.. but watching for further weakness..
Downside to 0.080 as drawn?
Cautious long positions if 0.100 psychological support gives way, more for shorts to profit from more weakness if it does happens, let’s see…
