CYD China Yuchai Building An Ascending Triangle Near Its 52 Week High

by Olivier on April 20, 2010

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.

CYD China Yuchai NYSE Automotive Sector Technical Analysis Price Chart

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:

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Buenas noches!

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