Sinotel – Testing Support of a Falling Wedge

Sinotel has been on down trend recently after breaking 20D, 50D and 200D MA support. The stock appears to be forming a Falling Wedge and Sinotel is currently testing the support at about $0.395 (Falling wedge support at 50% Fibonacci Retracement Level). If this support is broken, Sinotel may go down to $0.317.

This Post Has 5 Comments

  1. Dou

    Yo bro u are back Liao. I thou u quit the blog for good

  2. Marubozu

    Haha Dou! Nice to see you again!
    Website down for two weeks liao. Still waiting for the hosting company to get it up!

    Our prediction comes true! Big correction in May! 🙂

  3. Dou

    Who is your hosting company? So useless one.

    I hope this one is a correction and not a double dip haha. Selling pressure is strong.

  4. Marubozu

    I think this PIGS issue will cause double recession. How's the European can tighthen their belts and give up their relax life style easily? Lots of riots & street demonstration are going to happen. Investors lose confidence in Euro and Euro currency crisis may be happening in near term. When Euro currency depreciates, their spending power reduce and Asia as exporting countries is going to suffer.

  5. RL

    Recent price action suggests that it is a down trend channel now.

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