YONG appears to be in the midst of a very nice uptrend. From looking at the chart above, you will see this past Friday it broke through it’s downtrend which started around mid-October at a share price of $12. The two main components that drive a stock’s price performance are price and volume. Notice the volume surge over the previous 2 days. The stock fell all the way down to 6.73. The current price is around 8.50 with upward resistance around 9.00 and then 9.39 and 10.19. This stock looks good for at least a $0.50 profit and if it can keep building momentum, it could get all the way back up to around the $12.00 level.
As everyone knows, nothing is a guarantee (especially in the stock market), so if you are willing to buy, I would put a stop loss order(automatic sell if the stock drops below a level which you determine) in at $7.50. If you are wondering why I chose the $7.50 level, look at the chart above and notice the 4 days of support the stock had at this level. Four consecutive days sellers were not able to drive the price below this level.
The three month average daily volume on the stock is 835k shares and the volume Friday was 1.55 million, or nearly double. The sentiment is definitely upwards, but remember to cut your losses short and let your profits run.
Over time I will opine on many different stock market related concepts and theories to better educate everyone, but I wanted to get a very nice looking chart posted for everyone to see and study. If the stock chart is not visible, you can go to stockcharts.com and insert the symbol YONG and pull up the full chart. We have a link on the main blog page to stockcharts.com and it is the best charting website out there.
If you have any questions, drop me an<a href=”mailto:email@example.com”>email</a> and I will respond to you as soon as I can.
Full Disclosure: At the time of this posting I do not own any shares of the company mentioned above. This is not a recommendation to buy or sell the mentioned security. Do your own due diligence and decide for yourself.