Jaya Holding is reaching a very critical resistance between $0.66 to $0.67. This level considered a 4 in 1 resistance where 20D MA, 50D MA, 78.6% Fibonacci Retracement Level and previous uptrend support line. If this resistance can be broke, there is a good chance to start an uptrend. $0.57 proved to be a very strong resistance as the stock price bounced back from this 200D MA which is also the 61.8% Fibonacci Retracement Support.
Jaya Holding has finally broke out successfully and hit the target price of $0.58.
http://mystocksinvesting.blogspot.com/2009/12/jaya-holding-is-this-time-real.html
The next resistance is seen at $0.60.
The immediate support is around $0.57 and $0.58.
Jaya Holding closed today at $0.495 with a opening marubozu candle with a spike in volume and breaks out from a Symmetrical Triangle. However, it remain to be seen whether this is a successful breakout due to the past 3 attempts. One thing to note that the spike in volume in diminishing compares to the previos one, and this is not a sign for a bullish & sustainable breakout. The past three spikes in the stock price were not sustainable due to lack of volume for the next few days. If this breakout is successful, the price target is $0.58.
