Sound Global – At a Very Critical Support Now

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Sound Global seems to have ended an Elliott Wave B and start a Wave C. (Refer to previous post on the Elliott Wave pattern on Sound Global). This turning of direction also potentially forming a right shoulder of a Head and Shoulders pattern.

 

Things to look out for:

  • Currently Sound Global is just sitting on a critical support at about $0.846. This is a support level of 20D MA, 50D MA and 78.6% Fibonacci Retracement Level. Breaking below this level will send Sound Global to test the up trend channel support (green line).
  • If the uptrend channel support (projected at about $0.80) is broken, the next support is the neckline of the head and shoulders at about $0.77.
  • If this neckline is broken, the price target of this head and shoulders pattern is $0.51.
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Yanlord – Bearish Harami

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Yanlord showed a Bearish Harami candlesticks pattern and expected a pull back in the next trading days. There is a very strong support (from previous falling wedge) turned resistance trend line at about $1.90 to $1.95. Next Immediate support at about $1.65 (20D and 50D MA).

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STI – Bearish Outlook

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So far STI’s chart has a bearish outlook.

  • STI is currently trading in Elliott Wave B and hitting 50D MA resistance. Expect STI to pull back to end Elliott Wave B. If STI breaks the 200D MA support, Elliott Wave C will start.
  • STI is in the process of forming a Head and Shoulders with neckline at 2,660. Breaking below this neckline will send STI to 2,287.

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