Yangzijiang Shipbuilding:
13 August 2018, Monday, 4.30pm Singapore Time
(Click on Technical Chart above to Expand)
Attached is the Major Wave Technicals for Yangzijiang Shipbuilding, an STI Index Component Stock (Blue Chip) that is listed in the Singapore SGX (SGX: BS6). Yangzijiang has broken up the black trendline resistance as illustrated in light green circled region. This breakup of resistance follows the successful backtest of fibonacci 78.6% retracement support. The was achieved with high volume flow, i.e. where smart monies would like to end the correction. The volume flow is an exact duplicate of the breakout in end-2016 which spurred a more than 2x rally. Yangzijiang will attempt to spur another 2x rally from here. See the pattern recognition region as illustrated on chart (light orange arrows).
Next target: $2.00.
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