ChinaSun and BeautyChina continued their breakouts into today's actions. Really cool.
Just a reminder for those who didn't had the chance to log on at 4:30pm today. The breakout shouts today was Rotary, ChinaSun & United Food.
I realised so far, non of the bluechips were caught in the net for breakouts. Perhaps they are still in trading range. But one thing is for sure, when bluechips breakout, it will be for days. : )
ChinaSun is now trading near it's all time high. I like stocks trading at such heights because there are no stale bulls on top waiting to sell to end their misery. However I am too aware of the speculative nature of China Stocks hence I'm adopting the stand by the side strategy.
Rotary's breakout in volume is an astonishing 600%. Something got to be brewing. For those vested, becareful, because there is such a thing known as whipsaw where price will make a sharp U-turn back. Resistance stands at 0.500
UnitedFood, I don't particularly like this counter because of the on-going bird flu might cause a ripple effect on it.
A reminder, not every breakout will be profitable. Some fizzles out very quickly, some runs up for a long long time and some ends down the next day. It is our job as market technician to use technical indicators to determine should we take profit or hang on to it.
One thought I had, if I catch bluechips breakout and since it lasts for days, does it means SIMSCI will also run for days? I checked and the answer is yes! hehe Wow, 1 system works for 2 markets. For those who is interested to know, 19th July 2005 was the date i found where most index stocks breakout.
For those new to my website, i will be shouting breakouts in the above Ideas Corner (Shoutbox) at around 4:30pm if I spot any counters. Of course that is if time permits. : )
