HUI SKI
Not much has happened since my last report. The price has been trapped
between $391 and $401 trying to carve a double bottom. A bit lower is the very
long term support going back to year 2000 and a bit higher are the SKI indices
lined up in a bearish formation. For now, $391 held
as the support and it seems it is time to trial the resistance above. I think the
next signal should be a 16-20 sell and then to get the bullishness back in play
we need to reach $450 by September and challenge the 92-96 index. Practically
the price is boxed in and it will need a serious energy to break up or down.
The importance of this juncture is obvious, breaking down means violation of
ten years old trend, breaking up means a possibility of a true bull or a double
35-39/92-96 buy.
I have added to my positions today at the close in Australia and am now 50%
long. Recent low is the stop loss and I will trail it on the way up. If we
reach the 92-96 index/echo I will reduce the position back to 25% and wait to
see the behaviour around it.
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