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HKSE Infrastructure

Anhui Tianda Oil Pipe Company Limited (0839) : Very nice Cup and Handle formation

Previous post on Anhui Tiande highlights the kumo resistance.

And indeed, Anhui Tiande hit the kumo and retrace a little.

What happens next is it actually forms a cup and handle and when it break through the kumo resistance, it breaks through strongly.

Very nice 🙂

2009Nov-Anhui Tianda Oil Pipe Co Ltd-800x600

Categories
HKSE Infrastructure

Anhui Tianda Oil Pipe Company Limited (0839) : Kumo resistance ahead

Anhui Tianda just had 2 days of high volume buying and this lead to a gap up.

With the gap up, the chart is showing signs that Tenkan sen may cut Kijun sen; a bullish indication.

However, it was only back in July 13 that this counter had a bearish cross. Another occur in August in which its attempt to have a bullish cross failed.

Looking ahead on the chart, we can see that Anhui Tianda faces immediate resistance from the kumo at level at around 3.06 and 3.16 (if it ever break through).

Until, it breakthrough the above 2 levels, I believe it is best to adopt and wait for the signals to align.

2009Sep-Anhui Tianda Oil Pipe Co Ltd-800x600