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Wednesday, February 13, 2008

Yongnam Breakout Restricted by Downtrend Resistance Line

Clone inverted hammer or clone shooting star depending on whether price can take off from here. Price rally restricted by downtrend immediate resistance line. Need to clear 24 cents before heading for next resistance zone at 26 to 27 cents. Strong buying in early trading was not support in the afternoon causing price to lose earlier gains. Volume distribution chart below shows Big Boys selling in early aftternoon trading and no follow up buying in late afternoon. If there is no further buying support tomorrow it will definitely be a false breakout from its trading range. Immediate gap support is 22 cents. Next support is support zone 20.5 to 19.5 cents.




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