Base on the chart pattern, Yanlord has been trading within a Down Trend Channel for the past 4 months. Yanlord is currently testing the down trend channel resistance for the 3rd time at about $1.80. If Yanlord cannot break this resistance, the downtrend will continue. Next important support to watch is $1.677 which is a 50% Fibonacci Retracement Level. Pay special attention that all three Moving Averegas 20D, 50D and 200D are in the downward direction.
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).
Yanlord looks like getting into a consolidation mode and moving sideway, after the recent breakdown from a Mini Double Tops formation.
Yanlord may be forming a Bearish Rectangle in a Down Trend, with trading range between $1.70 and $1.56. Breaking down from this rectangle pattern will send Yanlord share price to about $1.40 which is 61.8% Fibonacci Retracement Level and also the estimated breakdown target price.
