Yangzijiang Reaching Overbought Levels

Yangzijiang has been performing very well lately together with its fellow maritime counterparts given the slightly improving economic outlook coupled by the encouraging data that US is leading Europe out of its recession and problems. Last week, we saw interest in Cosco begin to take a breather as its price started to lose momentum at its peak. Given that Yangzijiang had not increased as much as Cosco in the turn of the year, it was understandable that it was still having some upside this week. However, could it be time for it to give up some momentum?

Yangzijiang on the daily.

Yangzijiang on the  weekly.

As it seems, with the Fibonacci projections, its daily stock price has reached a take profit level and probably almost time for a breather. On the weekly, the RSI indicator is trending very close to 70, a region that suggests overbought conditions even after smoothing out daily volatility.
For those vested, as it seems, it is a good time to take profit since it has risen considerably. You do not want to be finding the peaks - take your profits first. Of course, there might be further upside given the strong volume and price action on 9 Feb but stock price is fast trending to danger region.
For those who are not on the boat, you are better off elsewhere!