Is YINN ( Chinese 3X )ready to re-enter or add to the position?
YINN is shown here on a 15-minute chart. It had several good NY sessions in a row adding about
4% daily. In the last session however, it had a 3% pullback to its present price. Fundamentally,
the Chinese central bank in just the past few days, lowered the prime rate something the US
fed has been unwilling to consider. There can be little doubt that this will be helpful to
Chinese stocks overall. On the chart, I find several confluences that give YINN support and
so make it likely that YINN will have a bullish continuation:
(1) it is currently at the same value of the POC line.
(2) it is currently near to the convergence of the SMAs 50 20 and 10 from the
Alligator indicator
(3) it is sitting just above the line representing one standard deviation above
the anchored mean VWAP
Given these confluences, the support is strong favoring my analysis that YINN is ready
for me to add to my position which was very profitable when I took a partial closure
of my shares at the beginning of the last trading day. I am confident that the buy
high and sell higher in an uptrend is the best approach to gain with low risk.
4% daily. In the last session however, it had a 3% pullback to its present price. Fundamentally,
the Chinese central bank in just the past few days, lowered the prime rate something the US
fed has been unwilling to consider. There can be little doubt that this will be helpful to
Chinese stocks overall. On the chart, I find several confluences that give YINN support and
so make it likely that YINN will have a bullish continuation:
(1) it is currently at the same value of the POC line.
(2) it is currently near to the convergence of the SMAs 50 20 and 10 from the
Alligator indicator
(3) it is sitting just above the line representing one standard deviation above
the anchored mean VWAP
Given these confluences, the support is strong favoring my analysis that YINN is ready
for me to add to my position which was very profitable when I took a partial closure
of my shares at the beginning of the last trading day. I am confident that the buy
high and sell higher in an uptrend is the best approach to gain with low risk.
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