I'd also like to talk about CBAK; I wrote earlier about this looking interesting because of all the converging trend lines. This has moved down 2.77% today, and the bottom support horizontal trend lines seem to show that this stock may break down further. I have posted two charts below, both updated and the same thing, but different time frames. If you look at the second chart, a zoomed in look at the point which the trend lines intersect shows an interesting point of resistance. This is particularly interesting because it is the intersect of three long term trend lines (5 year daily trend lines) in the grey box. I feel this solidifies the point of resistance, and this is meant to go down.
Gotta run some errands. What do we think?
- Krames