Found an interesting chart pattern on Yangzijiang. Yangzijing took a breather to move sideway after every upside with reduction in trading volume.
The 1st consolidation (Jun to mid July) lasted for 1.5 months.
The 2nd consolidation (Aug to mid Nov) lasted for 3.5 months.
The 3rd consolidation (Dec to ??) – how long with it last?
Things to watch out:
- $1.118 is the key support (61.8% Retracement Level for short term – red, 50D MA and the uptrend support – green line). If this support is broken, the trend will be reversed and Yangzijiang may go down to $0.906 (long term 61.8% Fibonacci Retracement Level – black) for healthy correction. Yangzijiang is still on a long term uptrend as 200D MA line is still moving up.