Yanlord – Affected by China Government property cooling measures

Trend: Downtrend, 20ma down, MacD below 0

Support: 1.72, 1.58

Resistance: 1.85 (20ma & 50ma close), 2.00 (100ma)

Observations:
Candlestick – One white candle after black (possible bullish reversal).
Histogram – 4R1g. No Bullish divergence
RSI – Bounce off 30%. No Bullish divergence
Stochastic – Bullish crossover at oversold.
Bollinger Band – Just bounced out of lower band.

Conclusion:
Yanlord got a big hit after China Government announced measures to cool its property market. Hence, the downtrend for this counter continues. Currently, based on the indicators, there is still no weakness in the downtrend.
Candlestick and indicators are indicating that we will be able to see a rebound in this downtrend. Be warned that this rebound is to form a lower high. Hence, the rebound could be limited to the resistance level of 1.85 level.
This possible rebound could be a good opportunity for us to look into initiating a short position at resistance. Hence, wait for a formation of bearish signals at 1.85 level.

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