Chart source: Poemsview 23rd June 2021
Xinyi Solar (968.hk) was a HK counter we posted just at the start of June when we saw a potential break. Although the break didn’t come immediately we waited patiently for it to break before springing into action. Remember even as an investor or trader, patience is a virtue! Waiting for the right timing is critical in staying in the game. Buying a good stock at the wrong price is also not ideal.
As Xinyi Solar finally broke out over a week ago it did not immediately take flight but actually made a mini U turn. One more important point to note especially if you’re venturing into the Hong Kong market is that it can be very volatile. It is known as the beast of the East and there is a reason for it. It can move up fast and fierce and U turn within the day and its all part of the market movement. What’s key is to ensure you have a sound trading plan in order not to be tossed left and right by such movements.
As for Xinyi Solar, it has hit our first resistance target from our previous post of $15.60 which is over 10% since the breakout. It came close to our second resistance of $16.90 but failed to reach it and closed with an ugly candle. We’re expecting some profit taking to come in. But in the mid term are eyeing $18,70 as the next stop.
We hope you have gained some knowledge from reading our post. Stay safe and keep on learning!