[The chart will be posted when I can get proper access of the blog]
Seems like it has formed the reverse H&S formation and has broken out of the neckline. Closing above 1.00 will confirm the breakout. If close above 1.00, the price target will be 1.15/1.65. Daily RSI still not yet overbought but above 60. I expect more upside. Weekly RSI is still below 60. Thus, it is still too early to say that trend change has occurred but I’m betting on it to go higher. Immediate support is at 0.90.
Now, if the above happens, then my focus will be Huatlai-WA (RM1.00/ 27 Mar 2010). Weekly and daily chart says it is very overbought. If Huatlai can reach it’s price objective, then the warrant objective can be anywhere from 0.40 to 0.90. Immediate support is at 0.20.
Will this coming Chinese New Year, “huat” will “lai”?
I have some open position. My strategy is to add some more when Huatlai closes above 1.00.
3 comments:
looks to me like a disguise to distribute the WA by ramping (unconvincingly to me) HuatLai mothershare.
Cheers,
LMFL
Aha...no wonder the warrant always moves ahead of the mother share. Kind of a sloppy job isn't it? So buyers beware!
i already made few thousand via huatlai wa, ha ha ha
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