I went long China Ming Yang Wind Power Group Ltd yesterday at 10.68. I don’t usually bother much with IPO stocks but this one seems to have a good setup. It hit a higher low and RSI came down near the 30 range and it was clearly in an oversold stance.
I am looking for a move back up to the 12.50 trading range and possible higher after that into the IPO opening range. MY can move quite fast and is a China wind power play.
China stocks can move really nice once they catch initial momentum. Their best moves seem to be during the first 6 months after their IPO, but after that things tend to get a lot more complicated.
Notable also is the buy signal in the MACD histogram. I like China Ming Yang Wind Power Group Ltd possibly into end of November 2010.