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Straits Times 3,128.69 +4.24 +0.14%
Hang Seng 26,521.85 0.00 0.00%
Dow Jones 26,787.36 -29.23 -0.11%
Shanghai Composite 3,007.88 +34.23 +1.15%
Will CNMC Stay Strong After Gapping Up?
Trend Spotting | 11 January 2013
Related stocks:
5TP
By: Robin Han
Articles (102) Profile

We can see that the counter is standing above the consolidation zone of $0.26 to $0.41, and it is likely to remain strong for some time.

Also, following the gap up, its pull back was relatively shallow and selling volume shrunk significantly. This is a healthy sign – it is likely to resume the uptrend or, at least, have a nice rebound.

I will consider buying on weakness if it pulls back below the 38.2% Fibonacci retracement level, with stop loss at the 50% retracement level.

Weekly Chart of CNMC

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Robin Han is a Ph.D in Department of Chemical and Biomolecular Engineering and has got a solid foundation in the financial markets.

Please click here for more information about this author.

CNMC Goldmine Hldgs  -- -- --   
Business: Co is engaged in the business of exploration, mining of gold and the processing of mined ore into gold dores.

Insight: Feb-19, FY18 revenue jumped 106.5% due to signific... Read More


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