Went Long MY China Ming Yang Wind Power Group Ltd Yesterday

I went long China Ming Yang Wind Power Group Ltd yesterday at 10.68.  I don’t usually bother much with IPO stocks but this one seems to have a good setup.  It hit a higher low and RSI came down near the 30 range and it was clearly in an oversold stance.

I am looking for a move back up to the 12.50 trading range and possible higher after that into the IPO opening range.  MY can move quite fast and is a China wind power play.

China stocks can move really nice once they catch initial momentum.  Their best moves seem to be during the first 6 months after their IPO, but after that things tend to get a lot more complicated. 

my20101119

Notable also is the buy signal in the MACD histogram.  I like China Ming Yang Wind Power Group Ltd possibly into end of November 2010.

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