MOBI Reluctant to Pull Back

MOBI, a China Stock I mentioned a couple of days ago appears to be in no mood to go lower than 11.20, a level I had identified as a possible retest range after the break out move.

Yesterday MOBI printed a small shooting start type candlestick, a potential reversal sign, but today so far there is no sign this shooting star wants to be confirmed.  On the contrary MOBI seems to want to push higher again.

I suspect that 11.20 may be the floor and the most MOBI is willing to pull back for now.  I think this stock has a great shot at a nice run to the 15 to 20 range in the months ahead and the general stock market seems to be cooperating now as well.

MOBI is a low float stock and can move fast in both directions.  I was unable to find an earnings date for the stock.

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If MOBI is not able to break under 11.20 then I have to view that as a continued sign of strength for this stock.  11.20 was the bare minimum retracement I was looking for, with 10.90 as more preferable.   When a stock is unable to pull back that much after a big move it is a telling sign of what is to come usually…

Posted in China Stocks, Stock Setups
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