Wing Tai

Wing Tai is one of the first counter that I came to know of when I first started trading. However, it did not attract me until a few years later (2001-2003). I was still learning to trade and did not make much out of it. For one thing, this is one long living index stock would is quite affordable at bottom of the market, compare to many other counters.

Wing Tai was on my watch list but I did not take action until recently partially because its gain in percentage is not as good as the lower priced stocks. Nvertheless, it caught my attention and I kind of caught the last wave but still got my hand burnt a little bit.

I enter the counter right before the final leg and managed to catch the wave. Unfortunate, I had a miss in monitoring (for a few hours) and the stock plunged on a surprise from 1.90 to 1.70 on the very day. It was way beyond my stop loss but I still executed the action at 1.74. Now what is next for Wing Tai?


Fig 1 Wing Tai Weekly Chart

Base on the latest up-date, Wing Tai is on continuous down trend on weekly indication. The counter is nearing the trendline and about to test its potency. Both RSI and Stochastic is moving south with divergence to confirm. Having their position at above 50% tells that there are possibly more to go. I do not see any pattern forming for a measurement but base on its 21 weeks moving average, the support level at this moment is 1.54 while 89 weeks moving average at about 1.50. If there is a pattern forming, the neckline is likely at 1.56. I do not see any up-side for the time being.