Hmm, strange day today when the markets opened. Volume was very thin even though Dow,S&P and Nasdaq had obtained a significant gain. Even with thin volume, the upward trend continued! I felt that it was a mixed market sentiment in the morning due to the very thin volume.
In any case, it didn't look too well in the morning, thus i sold off my holdings of celestial (bought at $1.14) at $1.18, which the chart showed that it was the highest as I was expecting it to be at that level. Suddenly in the afternoon, the selldown came, probably due to margin calls and contra dues, which celestial dropped to a low of $1.10. As for why it had dropped, I can't seem to find out through the Internet since most of the penny stocks were rising quite a fair bit. Market sentiment suddenly felt abit bullish, but it seems bearish still, thus still quite mixed feelings.
Well, I hesitated and go in again at $1.13. At that point, the chart showed that $1.12 was a prefered and better choice. As far as I was monitoring this, at $1.13, there was alot of feeding, and it seems that some buyers were unloading slowly at that point. When this happened, I noticed Singtel dropping too. Got to buck up on this part. :)
As for yangzijiang, quite a dynamic move today, opening at $1.80, moving towards $1.84 and saw heavy resistance. Then again, heaving movement between $1.81 and $1.83.
Closing:
Yangzijiang: $1.82
Celestial: $1.13
Another few counters that I have seen moving quite a fare bit today are:
1. OKP
2. CWT
With very little volume, these 2 counters actually move up quite a substaintial amount! Dangerous in fact, if the US market is going to show some negative news, this is going to have an impact on these few counters.
My analysis still stands with celestial and yangzijiang till at least end of the week (with no major bad news), to hit the target price which the technical analysis predicted.
Yangzijiang: $1.93
Celestial: $1.18
US futures at this point is negative, so let's just see how it goes at night! :)
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