SINO aiming for the resistance zone 1.65

SINO went up by 12.1% to close at the high at 1.57 per share. The bulls won today’s battle after it broke from the resistance which is the 1.51 per share or 78.6% Fibonacci Retracement level. This is now our newly found support. We also notice that SINO is moving inside an upward channel since the time it fell at 1.01 per share. If SINO will continue to move inside this channel then we could see it will hit the 1.65 per share. I think this is a strong resistance area for SINO. For those who would like to add more share or get into the SINO bandwagon may consider buying near the newly found support.

Ichimoku elements are still in a bullish position but the Kijun Sen remains a threat at this point. If price will be able to hit above the 1.65 tomorrow then this line will bend upward taking away the threat.

RSI or Relative Strength Index is currently at 76

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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