Yuhe International, Inc (NASDAQ:YUII) Presses on the Resistance
Posted on August 29, 2011 at 06:13 AM EDT
After Yuhe International, Inc ( NASDAQ:YUII ) entered the pink sheets market with a share value of $0.84, the stock has entered in a higher trading range. Since July the stock has tested twice the support line at $1. At the same time, no clear resistance has been established so far. The chart shows that YUII has been exerting pressure to the $1.2 line this month. In the last session, YUII finished above this level, which led to a bullish cross between the 4 and 9 MA. However, the trading volume was below the daily average. Earlier this month, it became clear that Nasdaq had denied the request of the company for continued listing on the exchange. An 8-K report reveals that the Nasdaq Hearings Panel held a hearing on which it was decided that YUII stock would not be relisted on the exchange due to violation of Nasdaq listing rule 5100.[BANNER] However, YUII intends to further appeal the Nasdaq Hearings Panel determination. On the day the Panel's decision was announced, the trading activity got very intensive. Nearly 1.2 million shares changes hands on that day, while the stock value fell down 4%. Now that the emotions after the Nasdaq decision have subsided, the company is preparing to press on the resistance again. Whether YUII will set off in a new direction, or remain in the current trading channel, will become clear in the next couple of sessions.
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