Yanlord – Testing the support

Yanlord retraced back to $2.33 to test the falling wedge resistance turned support line.

  • If Yanlord bounces back from this support tomorrow, head & shoulders pattern failure is still valid and the target price is $2.85.
  • Next very important support is at $2.20 and this is also the neckline. If this support is broken, the stock price may be sent down to $1.55.

My trading plan:

  • Enter only when Yanlord bounces back from falling wedge resistance turn support level. Entry price between $2.30 to $2.40
  • Exit around the target price of $2.85.
  • Thing to watch out: Yanlord Q3 result announcement in 2nd week of November.

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