Stock Technical indicators to notice in CHINA WUYI (000797.SZ)
1- Last bullish trend was from 5.51 $ (4/19/2012) to 5.72 $ (4/25/2012) a 0.21 $ move 2- The current bearish trend started from 5.72 $ at 4/25/2012 and is currently trading at 5.59 $.
4- 000797.SZ current resistance level is at 5.59 which is the 61.80 % fibonacci retracement of the last 0.21 $ move.
5- According to ADX Indicator, the trend is currently bullish, which is getting stronger.
CHINA WUYI (000797.SZ) Short term stock chart patterns for internet stock trading :
6- The Stock formed Double Top Pattern at 5.720 .
7- The Stock formed a 0.610 $ height triangle which was broken down at 5.650, target of the pattern is 5.040.
CHINA WUYI (000797.SZ) Mid term stock chart patterns for internet stock trading :
8- The Stock formed Double Top Pattern at 5.540 that failed, and formed a support .
9- The Stock was resisted by a resistance line, identified by two points: 5.540 and 5.550 that was broken up at 5.560 transforming into a supporting line.
CHINA WUYI (000797.SZ) Long term stock chart patterns for internet stock trading :
10- The Stock formed a 1.990 $ height triangle which was broken up at 5.720 in higher than usual volume, target of the pattern is 7.710.
Stock Trading Conclusion:
CHINA WUYI (000797.SZ) was trading in a bullish wave, which is becoming stronger .
Technical indicators and stock chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy in online trading .
Stock Resistance Levels : 5.59, 5.61, 5.62, 5.64, 5.64, 5.65, 5.67, 5.67, 5.72, 5.96, 7.71.
Stock Support levels : 5.51, 5.50, 5.47, 5.45, 5.38,.
