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Yangzijiang Shipbuilding ST: the RSI is oversold
Trading Central | 2019-08-17 22:49:00

The MACD is below its signal line and negative.

Our pivot point stands at 1.088.

Our preference: the downside prevails as long as 1.088 is resistance.

Alternative scenario: the upside breakout of 1.088 would call for 1.201 and 1.268.

Comment: the RSI is below 30. It could either mean that the stock is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the stock is trading under both its 20 and 50 day MA (respectively at 1.38 and 1.44). Finally, Yangzijiang Shipbuilding has penetrated its lower daily Bollinger band (1).

Supports and resistances:
1.268 **
1.201 *
1.088 **
0.99 (SGD-last)
0.703 **
0.644 *
0.585 **

Head of Research at TRADING CENTRAL: Rémy GAUSSENS

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Written on 08-18-2019 at 00:49 UTC+1
Price reference: 0.99 last known on 08-18-2019 at 00:49 UTC+1
Investment horizon: ST

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