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Technical Levels To Watch In MingZhu Holdings After Huawei Modern Logistics Deal

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Technical Levels To Watch In MingZhu Holdings After Huawei Modern Logistics Deal

MingZhu Logistics Holdings (NASDAQ: YGMZ) shares were trading higher Wednesday following an announcement of cooperation with Guandong Huawei Modern Logistics. Here are some speculative short- and long-term support and resistance levels to watch.

The 5-minute chart below shows what technical traders would call speculative support and resistance lines. The speculative support line is near the price level of $9.70. The speculative resistance line is near the price level of $11.

Ideally, bullish technical traders would like to see the price break out of the resistance line and consolidate above this level for a time period. The holding of the gains allows the possibility of the price to make a further move to the upside.

Ideally, a bearish technical trader would like to see the price fall below the speculative support line. They would like to see a consolidation below this price level before a further move to the downside could possibly occur.

ygmz5min3-3-21.png

The daily chart below shows the longer-term technicals. The daily chart shows more levels of speculative support and resistance. The speculative support level is near the price level of $8.

There are two speculative resistance levels. The first resistance level is near the $13 area, and the second one is near the $17 level.

The price level breaking through support and resistance works in the same way longer-term as it does in the short term.

Bullish technical traders may like to see the price moving above the resistance levels with consolidation above before a move higher may be possible. The bearish technical trader would like to see the price fall below the $8 speculative support level and consolidate below before a further move down.

MingZhu Logistics trades with a market cap of $34 million and has a public float of 3.09 million shares.

ygmzdaily3-3-21.png

 

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Posted-In: HuaweiNews Small Cap Analysis Technicals Global Trading Ideas

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