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Further downside likely in Yangzijiang Shipbuilding
Shares of Yangzijiang Shipbuilding, which have shed more than 6.5 percent over the past month, could fall further, technical charts show.
On Friday, the stock formed a black marubozu, a strong bearish candlestick pattern.
On Monday, the stock cut its 200-day exponential moving average downwards, also a bearish sign.
Its Moving Average Convergence Divergence is negative and below the signal line.
The stock, currently down 1.2 percent, has underperformed the broader index by about 6.45 percent over the last month.
CONTEXT:
A Black Marubozu forms when the opening price of a stock is equal to the high of the day while the closing price is equal to the day's low.
On Friday, the stock formed a black marubozu, a strong bearish candlestick pattern.
On Monday, the stock cut its 200-day exponential moving average downwards, also a bearish sign.
Its Moving Average Convergence Divergence is negative and below the signal line.
The stock, currently down 1.2 percent, has underperformed the broader index by about 6.45 percent over the last month.
CONTEXT:
A Black Marubozu forms when the opening price of a stock is equal to the high of the day while the closing price is equal to the day's low.
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