HL Asia is still going strong. Since 29th of August, the stock has edged higher to 3.84 before making a pullback . There is strong support at 3.66, and it is still attractive based on the last closing price of 3.71. The first target to clear is 4.32. Based on a swing setup, entry can be made above the downtrend channel at 3.74. For a longer term positional trade, a break above 3.84 should happen before an entry is made.
The recently released financial reports point towards strong growth contributions from the units in China. The 2nd quarter results reflected a stellar 98% increase from 2nd quarter 2009. The strong momentum will allow the company to continue to deliver results.
Time to get into a position trade with yanlord. This is ideal because it has just completed a cup and handles reversal pattern, followed by a pullback to the downward sloping trendline support (previously resistance). Notice that it coincides with the MA. At the neckline, notice how it challenges the 200d MA, and again there is a trendline from the 2009 peak that is a resistance point. On a higher risk swing trade, the position can already be entered. On a position trade, a close above 1.95 will be a good point to enter. Cut loss 1.84.