StamfordLand (H07) : Lacking strength to break through

Previously, I mentioned that StamfordLand is hitting resistance and is trading inside the Weekly Kumo; a sign of trendless state.

Just a couple of days back, the Reserve Bank of Australia announced rate hike and indirectly, it lead to a small surge for StamfordLand.

Though, it is clear from the chart that it lacks the strength to push through and break resistance. From the last candlestick price action, we can see that StamfordLand is not able to go beyond 0.43 and stay above it. This, to me is a clear indication that its business fundamentals have not improved yet (despite a possible gain from the strenthening Aussie dollar).


By iam802

Trend trading with Ichimoku