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United EnviroTech: Will It Make New High Again?
Trend Spotting | 30 April 2013
By: Robin Han
Articles (102) Profile

United EnviroTech (UET) has been going up since October 2012. While the uptrend has been very strong, UET started a consolidation for over two months since the mid of February 2013.

We can see that the trading volume during the consolidation has become lower and lower. This indicates that the sellers have become weaker. Recently, shares of UET made a new high on 26 April and the pullback thereafter was weak with very small volume. Also, we did not see the panic selling that can usually be found for a stock that formed a false breakout. It is another confirmation of weak sellers and may result in a continuation of the uptrend.

One may consider buying on weakness if its price falls to yesterday’s low or below. The stop loss will be one tick below the recent low on 22 and 23 April.

Daily Chart Of United EnviroTech

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.

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