DBS has formed a Double Tops formation and the neckline at $13.70 has broken. If this Double Tops breakdown is successful, the price target is $12.00.
Things to watch out for a successful breakdown in the next few days:
JPM is forming at Double Tops and currently just sitting on the neckline at $37.70. Base on the chart, there is a very high chance for a breakout of this Double Tops chart pattern due to the following observation:
Plus fundemantally, all the negative news in Euro zone debt crisis and no clear signs that the crisis can be resolved in near term. Besides the PIIGS, now Hungary is coming into picture! I feel this crisis is even worse than than US financial crisis because Euro zone cannot print money to save those countries.
The breakout target price is $27.70 which is close to the 61.8% Fibonacci Retracement Level. I find no reason not to short JPM by buying a PUT option base on the current analysis. In addition, the implied volatility (IV) is low that make the option not so expensive. Any contrarion out that have a bullish view?
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.
