Above is the daily chart of Ione Holdings (0982.HK). This stock surged 15.2% yesterday which attracted my attention. And I discovered its potential to jump.
The price has been sliding along the red down-channel for months. Though it did try to break the channel several times, I didn't see volume accompanying.
This time, however, volume rose as well, not only yesterday but also last week. It seems that corporate investors started working on it after collection period.
Outbreak of channel would be the very first step. The next resistance will be at 0.2. Potentially it could move up to 0.3 or even 0.5.
For the downside, the support level is at 0.119. However, for such stocks, setting certain percentage stop loss would be better to wait for support as liquidity is not high.
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