Yanlord – Testing the support

Yanlord retraced back to $2.33 to test the falling wedge resistance turned support line.

  • If Yanlord bounces back from this support tomorrow, head & shoulders pattern failure is still valid and the target price is $2.85.
  • Next very important support is at $2.20 and this is also the neckline. If this support is broken, the stock price may be sent down to $1.55.

My trading plan:

  • Enter only when Yanlord bounces back from falling wedge resistance turn support level. Entry price between $2.30 to $2.40
  • Exit around the target price of $2.85.
  • Thing to watch out: Yanlord Q3 result announcement in 2nd week of November.

Wilmar International – Due for a Correction?

Wilmar has been on a up trend since Mar 2009 without a healthy correction to climb further. The recent chart shows that Wilmar is moving sideway into consolidation phase but also at 20D MA support line. 20D MA just crossed down 50D MA recently and this is a first sign that the correction may begin. If Wilmar stock price cannot hold above the current 20D MA support of $6.35, it has the potential to retrace back to $4.99.