Will CROWN continue to go up past current resistance?

CROWN ASIA CHEMICALS CORP

Weekly chart: While we don’t see any bearish signal created on CROWN’s weekly chart, it is important to monitor this closely. The stock was able to register a week high 2.30 per share which is above the resistance 2.23 per share but the bulls wasn’t able to sustain its rally. It closed at 2.21 per share last week. There could be another test this week and we need to monitor what will be the candlestick at the end of the week. In case the bears will win then next support will be 2.06 while a break from the currrent resistance may bring the price to 2.41 and then 2.66 per share.

Daily chart: Ichimoku elements Tenkan Sen and Kijun Sen are in bullish position relative to each other although its weak. Chikou Span is about to give a green signal given that price will touch 2.25 or above.

Relative Strength Index or RSI is at 61.9 on daily chart.

Caveat!

Crown Asia Chemicals

Crown Asia Chemicals

3 Responses to Will CROWN continue to go up past current resistance?

  1. I do hope all your readers know that you are actually talking about Crown Asia Chemicals and not about CEI (Crown Equities Inc)

  2. Thank you very much for pointing that out. I owe you one.

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