It is no coincidence that we mentioned our darling Ezion will have difficulty getting past $1.30 on 10th September.
Look at our article:
On Wed, Ezion did indeed reached a high of $1.30 on 19th September. Today it is $1.255 now. These few days it did struggle to go past $1.30. In fact, someone asked me what to do with this company at $1.30. I say sell away first.
Do remember that it is all time high and there aren't any reference for us. But how do we know there is a resistance at $1.30. Well, the thing is we have generated a set of figures called the "LAW of Gravity of Price" whereby without looking at the charts, there are a set of figures where there is a strong support and resistance. $1.30 happens to be one of them. Stocks will struggle at this figure.
So what do we now for this stock?
Well, my suggestion is let it rest a bit. Watch the stock when it is back up at $1.29...
If it comes back, there is a high chance this time it will break $1.30. I will be studying carefully to see if it is supported by professional money before entering.
We would be issuing our view if we think it has consolidated and about to run.
Good luck trading Singapore stocks.