Mobi is Back!

Yes Mobi is back. Not Moby (above), the electronica musician popular at the turn of the century, but Sky-Mobi, the mobile network stock from China. Chinese internet stocks have been the rage lately so it is no wonder that mobile is following right behind. The chart below shows the long consolidation through the back half of August up to this point, but a push higher to the 50 day Simple Moving Average (SMA) Friday and holding Monday, may signal the move back higher. This after retracing 50% of the last major move higher. The Relative Strength Index (RSI) is rising and the MACD is rounding higher off a bottom after crossing up at the start of September. A move over 3.75 triggers an entry with resistance at 4.00 and then 4.20 before the previous high at 4.85.

mobi

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