YZJ Shipbldg SGD    Last:2.25    +0.05

Yangzijiang Potential Complex Head and Shoulders

This info is useful, thanks. :-)

 

Yangzijiang may be starting an uptrend soon. Need to watch the level closely.

http://mystocksinvesting.com/singapore-stocks/yangzijiang-starting-up-trend/

 

 

 

'Yangzijiang is not affected by what is happening to Rickmers in Singapore as the orders to Yangzijiang are from Rickmers Holdings GmbH,' the company said. Rickmers Holdings holds 17.5 per cent of Rickmers Maritime Singapore.

Rickmers Singapore's liabilities 'may cast significant doubt on the ability of the trust to continue as a going concern,' PricewaterhouseCoopers told the shareholders of the Singapore-listed shipping trust on March 22. It has existing capital commitments of US$780.7 million and bank borrowings of US$128.7 million that are due in the next 12 months, the auditor said.

Yangzijiang said yesterday it is building four container ships for Rickmers Holdings. Payments are up to date and the vessels are scheduled for delivery this year and next year, it said. -- Bloomberg

 

YANGZIJIANG Shipbuilding Holdings Ltd, a China-based shipbuilder, said it is 'not affected' by financial difficulties at Rickmers Maritime Singapore as ships ordered by its German parent haven't been cancelled.

 

 

Will it cross $1.20 again? Volume is high today and the selling seems controlled.

 

Why suddenly go up? What's up?

 

A potential right shoulder of a complex head and shoulders chart pattern is being formed. Breakdown below the red neckline support confirms this formation. Neckline support failure will see retest of 90 cent support zone. This potential complex head and shoulders pattern will be invalid if price swings above 1.20 and if it continues to move up there is a high chance of a triple top formation.

View chart at http://tactcharts.blogspot.com/2010/02/yangzijiang-potential-complex-head-and.html