Somehow the Shanghai Index is lagging and not conforming the strength of the American indices. It still needs to break out of its bullish flag. A notable exception is CYD – China Yuchai a stock that is trading very closely to its 52 week high. CYD is part of the China Automotive Sector and I am watching it in the background. It will either get dragged down by the lagging Chinese indices or will act as a leader and help propel them higher. A move higher would be confirmation and help the US indices keep up their upward momentum. Right now CYD – China Yuchai looks like it is in the process of building an ascending triangle. The pattern itself and the fact the stock is trading near its 52 week high is a bullish sign.
Up-to-date CYD – China Yuchai chart on my public list.
Portfolio Positions:
- PKL.TO – PC Gold: The private placement closed. Price action is very bullish. I expect the stock to slowly creep up over the next few days. Then the stock would have build a perfect technical setup to move significantly higher if positive drill results are released.
- KIV.V – Kivalliq Energy: Needless to say I am not thrilled with today’s price action. The only positive is volume was rather low. Not much more I have to say. My stop loss will take care of the situation if the stock wants to move even lower.
Latest Sector Overview Chart addition:
The worst thing you can do is not to try. – Linda Bradford Raschke
My public list with all my charts can be viewed here:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2791469
Buenas noches!
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