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Yongnam Looking Strong

Posted on the 27 June 2013 by Technicalanalysistalk

Good evening one and all,

I have a chart of Yongnam, Y02.SI, for today. After recovering well from the 2008-2009 crisis, Yongnam traded in a range between $0.22 and $0.32 for a long time. In April of this year, Yongnam crept up and broke through 32 cents without much fanfare – though single-day spikes occurred once in a few weeks. Today’s close of $0.345 puts Yongnam about 25% from all-time highs. I like how Yongnam has decidedly stayed above the previous resistance of $0.32. Also, volume has been picking up at an increasing pace. It does seem like something may be up in Yongnam. As a chartist, I simply take the bullish signs I see on the chart. Whatever that is happening out there will manifest itself in price action (and volume). Let us see what Yongnam does next.


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