6 Jun 2008

Reported at 1000hrs SGT
GY
Looking at the daily chart. WMA5 has rebound off EMA100/ EMA21. Price is now at 208 and given the morning momentum, and the big price shot up yesterday, the trend will continue but will meet resistance at 209 (peak).

Should GY break this price level, it will head towards EMA200 at 211.5. But since 211.5 is too big for a single day movement, it should stop half way at 210.4

The other possibility is a formation of a doji. A rebound off 209 with price range in between 209 and 207. Looking at the hour chart, first support at EMA21 (207), then EMA200 (206.6)