Ping An Insurance (2318.HK): Bullish Bias Above HK$74.55

Ping An Insurance (2318), a top Chinese insurer, announced that gross premium income fell 1.4% on year to 382.76 billion yuan in the January-May period.

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Ping An Insurance (2318), a top Chinese insurer, announced that gross premium income fell 1.4% on year to 382.76 billion yuan in the January-May period.

From a technical point of view, the stock broke above the declining trend line drawn from February, turning the outlook to bullish. In addition, the prices are trading above the rising trend line drawn from March low. 

Both ascending 20-day and 50-day moving averages also support the stock prices.

The bullish readers could set the support level at HK$74.55, while the resistance levels would be located at HK$82.80 (the previous high) and HK$86.90 (the gap occurred at March 9 and the low of February 3).

Source: GAIN Capital, TradingView

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