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Ezion: Will It Finish The Uptrend?
Trend Spotting | 14 June 2013
Related stocks:
5ME
By: Robin Han
Articles (102) Profile

Ezion Holdings has been strong for the past one year plus. However, it recently formed a double top. After rising from $0.70 to $2.40, the uptrend may be finishing. Yesterday, Ezion had a severe sell down and break below the support level at around $2.25, thereby confirming a double top. In addition, the sell volume went up substantially yesterday, indicating the sellers are very strong and it is difficult for the uptrend to resume right away.

As the US market went up a lot overnight, the Straits Times Index (STI) is likely to gap up today and have a rebound. However, with the market still in a downtrend and Ezion having a strong resistance at around $2.30, it is a good opportunity to short on strength if Ezion rebounds today. One may consider shorting on strength during a rebound for Ezion because the double top and the high selling volumes increase the probability that the uptrend may turn down.

Daily Chart of Ezion Holdings

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.

Ezion Hldgs  -- -- --   
Business: Co develops, owns, and charters offshore assets to support the offshore energy markets. [FY17 Turnover] Liftboats (49.7%), Jack-up Rigs (39.5%), Offshore Support Logistic Services (10.8%).

Insight: Aug-18, 1H18, Co returned to the black with a net ... Read More


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