Sky Petrol 280308

Sky China Petrol broke the uptrend resistance (upp green) and 0.335 psychological resistance (blue --) today with volume. The last time Sky China Petrol had a volume of more than 10m lots was way back on 19 feb.



I've readjusted the trendlines for Sky China Petrol. From the chart, Sky China Petrol could be on the tail end of a double-bottom formation.

In order for the downtrend to be effectively reverse, Sky China Petrol would have to break the neckline resistance of 0.375 (red ...).

If Sky China Petrol can break the neckline with volume convincingly, we might see it testing the next neckline resistance of 0.460 (green --).

For the short term, if Sky China Petrol continues to trade within the uptrend channel (blue), we might see it testing the 0.375 neckline next week.

For monday :

Support @ 0.335 (blue --), 0.3237 (upp green), 0.315 (light blue --), 0.3093 (low green, low blue).
Resistance @ 0.3534 (low red --), 0.360 (upp blue), 0.375 (red ...).

Good Luck !!