Sinostar Pec – [ Start Of A New Uptrend Wave? ]

10th August, 2021, 7:30 PM

Sinostar Pec – [ Start Of A New Uptrend Wave? ]Sinostar Pec 10th Aug 2021

Chart Source: AdvisorXs 10th Aug 2021

Sinostar Pec is one of the largest producers and suppliers of downstream petrochemical products within 400km radius of is production facilities within the Dongming Petrochem Industrial Zone in Dongming County of Shandong Province, PRC.

It had some movement just over a week ago when we first spotted it and finally it started to show its true colours today!

A nice consolidation for the past few weeks led to a nice breakout with volume which resulted in a 8% upswing from our entry! With such a move , a new uptrend might be forming and 0.425 target is within sight now. With an increased in volume we might even see $0.45. Watch out for the break and momentum!

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Sinostar Pec – [ Technical Outlook]

9th June, 2021, 10:28 AM

Sinostar Pec – [ Technical Outlook]Sinostar pec 9th june 2021

Chart Source: Poemsview 9th June 2021

Using technical analysis, Sinostar pec has broken out of its downtrend line. Volume is already more than the last few days which is a positive sign. If Sinostar pec manages to stay above this downtrend line, we might see it move higher in the next few trading session. The upside resistance would be around $0.415-0.42 first. Support at $0.33

If at the end of the day, Sinostar pec closes with a red bar and accompanied with higher volume then it might not look good. It might mean traders might be selling into the strength.  Keeping a close watch on this counter.

What are your thoughts?