Yanlord -- 4th Aug 08

Yanlord closed $1.98 on 1st Aug 08 after hitting an intra-day low of $1.84. Yanlord ever since hit a bottom of $1.70 in early Jul 08, it has rallied up to hit the 50% Fibonacci retracement level of $2.22, failing to breakout from there caused the price to retreat with a possibility of re-testing the $1.70 level. However with the performance of 1st Aug, a bullish engulfing candllestick formation was formed and coupled with other indicators, Yanlord looks like going up to re-test the $2.22 level again. MACD lied flat at the zero line, RSI recovered to 50% level and Stochastic has cut up to above 20% level indicating short-term downside is limited. The immediate resistance will be at the 61.8% Fibonacci retracement level at $2.08; which is also the 50d EMA level. If the upswing momentum can maintain, re-testing the $2.22 level is very highly possible. $2.22 is an important level as it was previously the support since the price dropped from $2.80. If this level is able to regain as support, the ultimate target will be to re-test the $2.80 level. Failing to break again will see the price falls back to consolidation phase and downside at $1.70 level.