Disclaimer

Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Tuesday, June 17, 2008

Sky Petrol 170608

Sky China Petrol formed another Gravestone Doji today. The previous time we saw Sky China Petrol forming one was on 22 may. At that time, the reversal did not materialise and we saw Sky China Petrol plummeting to an all time low of 0.255 today.

The last time Sky China Petrol traded below 0.260 was way back in nov 2005, and we have not seen anything this low since. If Sky China Petrol does not reverse soon, we could see it hit its historical low of 0.240.

For the Gravestone Doji to indicate a Bullish reversal, we would have to see Sky China Petrol opening at least above the long term downtrend resistance (mid red), better still if it opens above 0.265.

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For tomorrow :

Support @ 0.255, 0.251 (low pink), 0.245 (low red), 0.240 (historical low)
Resistance @ 0.260 (mid red), 0.271 (upp pink), 0.280

Hope you find my analysis helpful. Thank you for your support !!
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