17 June 2008

Reported at 0900hrs SGT
GY
Take a look at the daily chart. If you draw a Fib Retracement line from 30 May Peak and 3 Jun Low, you can see that yesterday peak tested the Fib Retracement line at ~211.8 after the price pass EMA200 at 211.4.

WMA5 however is still below EMA200. It can means a rebound but the CCI look strong for a continue push up.

In the event of WMA5 clearing pass EMA200, GY can reach as high as 218, but in terms of stages, first it must close above 211.8, then 215 (half way mark). These set the resistance for GY.

Of course, after a test at EMA200, the attempt may fail and a rebound could occur. If that is so, GY will consolidate at EMA200 (211.4), then, 210.7 (the price before breakout), then, 209.4 (peak of 30 May).