Featured Trade HK Stock AAC Tech downtrend remains intact
Medium-term downtrend of AAC Tech remains intact.
Share this:
Medium-term technical outlook (1-3 weeks) on ACC Technologies (HKG 2018)
Key technical elements
- The share price of AAC Tech has continued to evolve within its primary/major downtrend in place since its 185.00 all-time high printed on 13 Nov 2017.
- Momentum as indicated by the daily RSI oscillator remains negative as it is capped by a significant corresponding resistance at the 47 level without any bullish divergence signal.
- Volume has continued to increase steadily since its recent decline from 31 Oct 2018.
- The key medium-term resistance stands at 72.50 as defined by the upper boundary of a medium-term descending channel from 21 Mar 2018 high, pull-back resistance of the former primary/major descending channel support from 13 Nov 2017, the gapped down formed on 10/11 Oct 2018 & 23.6% Fibonacci retracement of the down move from 07 Jun 2018 high to 26 Oct 2018 low
Key Levels (1 to 3 weeks)
Intermediate resistance: 66.75
Pivot (key resistance): 75.50
Supports: 47.60/44.00 & 34.00/31.90
Next resistances: 102.80 & 110.80
Conclusion
The major downtrend of AAC Tech remains intact and if the 75.50 key medium-term pivotal resistance is not surpassed, ACC Tech is likely to see a continuation of its medium-term impulsive down move to target the next supports at 47.60/44.00 and 34.00/31.90 (Fibonacci projection & close to the lower boundary of the medium-term descending channel in place since 21 Mar 2018 high).
On the other hand, a clearance above 75.50 invalidates the bearish scenario for a corrective rebound towards the next resistances at 102.80 and 110.80 (the pull-back resistance of the former major ascending support from 24 Aug 2015 low & upper boundary of the primary/major descending channel from 13 Nov 2017 high).
Charts are from eSignal
Related tags:
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
SK Hynix IPO: Everything You Need to Know About SK Hynix
Learn everything you need to know about the SK Hynix IPO, including its Nasdaq listing, valuation, financials, ownership, competitors and investment risks.
Nasdaq 100 Outlook: Broadcom Extends Slide, Palantir Reversal Signal
Nasdaq 100 slides as AI funding fears bite, with Broadcom extending losses and Palantir flashing a potential reversal at resistance.
ASX 200 Market Wrap: Big Four Bounce, FMG Surges, CSL Lags
ASX 200 posts its best day in three months as big four banks rebound, FMG breaks higher and CSL continues to lag the market.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.