Remember on 2-Mar, I mentioned that Taiwan index will test 8800 YMA ?
We saw that on last Thursday. It broke 8800 but closed below 8800. Finally on Friday, it closed above 8800. Yesterday, second day closed above 8800 but then this was something we need to take note off - market ended with a black hanging man at 8800 YMA and the major 8860 resistant level.
In order for Taiwan market to move further north, it needs a successful so called "change hand" to take place. Chinese, we called it 洗盘。What does that mean and how does it work? Let me give an example of a bus loaded with passengers reached interchange. What we expect/hope to see is this - passengers alight and boarding. And for the bus company to be profitable, they need enough boarding passengers to cover the alighting passengers.
So YMA is the interchange. The earlier big boys are alighting. And for Taiwan market to move further north, they need another batch of big boys to step in to take over this baton. If it don't, I believe everyone knows, what will happen. Watch and enjoy how the game play.
We saw that on last Thursday. It broke 8800 but closed below 8800. Finally on Friday, it closed above 8800. Yesterday, second day closed above 8800 but then this was something we need to take note off - market ended with a black hanging man at 8800 YMA and the major 8860 resistant level.
In order for Taiwan market to move further north, it needs a successful so called "change hand" to take place. Chinese, we called it 洗盘。What does that mean and how does it work? Let me give an example of a bus loaded with passengers reached interchange. What we expect/hope to see is this - passengers alight and boarding. And for the bus company to be profitable, they need enough boarding passengers to cover the alighting passengers.
So YMA is the interchange. The earlier big boys are alighting. And for Taiwan market to move further north, they need another batch of big boys to step in to take over this baton. If it don't, I believe everyone knows, what will happen. Watch and enjoy how the game play.
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