Technical Pulse: Yangzijiang Shipbuilding Holdings Ltd May 28, 2020 1490

Yangzijiang Shipbuilding (SGX: BS6) bearish impulse last August 2020 has set up the stock into a regular corrective flat.  Fast forward, the current technicals suggest that there is one further rally to form the sub-wave (v) of C :

  1. The bullish flag formation indicates a continuation of the upward movement.
  2. Zooming in, on the 2nd base touch of the flag, the formation of double bottom rejects the 50 Moving average lines and the 50% Fibonacci retracement level of sub-wave (iii).
  3. On the 2nd bottom, the Morning star formation indicates a return of the bull movement. Thus it is a strong sign that sub-wave (v) is likely coming.


*Timeline of the trade should be between 1-3 weeks from the date issued.

*Should price breaks below the 50% retracement level of sub-wave (iii), the next possible price level for a rebound will be at 0.850.



Moving average

Red dotted line = 200 periods Moving average

Blue dotted line = 50 periods Moving average

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