2 Jun 2008

Reported at 1200hrs SGT
GY
It hit the resistance at 209 / 209.4 on Friday and look as if a reversal will take place. CCI confirmed the direction.

Looking at the 1 hour chart, in the morning GY went towards EMA200 at 207 and rebound and hit the resistance at EMA100 at 208.3.

A breakout is possible in such a case.
A break north at 208.7 (EMA55 1 hour chart) will made GY in another attempt to beat 209.0.
A break south at 207 will continue the downward trend to support at 206.1 (EMA100 1 day chart).