MOBI, a China Stock I mentioned a couple of days ago appears to be in no mood to go lower than 11.20, a level I had identified as a possible retest range after the break out move.
Yesterday MOBI printed a small shooting start type candlestick, a potential reversal sign, but today so far there is no sign this shooting star wants to be confirmed. On the contrary MOBI seems to want to push higher again.
I suspect that 11.20 may be the floor and the most MOBI is willing to pull back for now. I think this stock has a great shot at a nice run to the 15 to 20 range in the months ahead and the general stock market seems to be cooperating now as well.
MOBI is a low float stock and can move fast in both directions. I was unable to find an earnings date for the stock.
If MOBI is not able to break under 11.20 then I have to view that as a continued sign of strength for this stock. 11.20 was the bare minimum retracement I was looking for, with 10.90 as more preferable. When a stock is unable to pull back that much after a big move it is a telling sign of what is to come usually…