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Yangzijiang Shipbuilding ST: the RSI is oversold
Trading Central | 2019-08-07 00:01:00

The configuration is negative.

Our pivot point is at 1.41.

Our preference: the downside prevails as long as 1.41 is resistance.

Alternative scenario: the upside breakout of 1.41 would call for 1.45 and 1.47.

Comment: the RSI is trading below 30. This could mean that either the stock is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the share stands below its 20 and 50 day MA (respectively at 1.47 and 1.46). Finally, Yangzijiang Shipbuilding is trading below its lower daily Bollinger band (standing at 1.37).

Supports and resistances:
1.47 **
1.45 *
1.41 **
1.4
1.37 (SGD-last)
1.31
1.29 **
1.26 *
1.24 **

Head of Research at TRADING CENTRAL: Rémy GAUSSENS

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Written on 08-07-2019 at 02:01 UTC+1
Price reference: 1.37 last known on 08-07-2019 at 02:01 UTC+1
Investment horizon: ST

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