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

MingZhu Logistics Holdings 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.

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.

Posted In: NewsSmall Cap AnalysisTechnicalsGlobalTrading IdeasHuawei
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