Sunday, July 8, 2012

How far will Yanlord go?

I bought Yanlord sometime in April as a play on the Chinese property market. In recent weeks, it has behaved spectacularly, rising from a low of 0.975 to last Friday's high of 1.35 (increase of almost 40%!). How much higher will it go?

According to the chart, it has broken out of a double bottom neckline at 1.10 and key resistance level at 1.20. Next resistance is at 1.40, then it will challenge its year high of 1.50. Now, this is the exciting part. If 1.50 can be broken convincingly, this counter could fly all the way to the sky. Go Yanlord go!

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