hong kong shares highlights guangdong investment ltd 2 408952015
<p>Guangdong Investment Ltd (HKG: 0270) – Rebounded from long-term support (Click to enlarge charts) Key elements Price action has managed to stage a rebound (shaded […]</p>
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Guangdong Investment Ltd (HKG: 0270) – Rebounded from long-term support
(Click to enlarge charts)
Key elements
- Price action has managed to stage a rebound (shaded in blue) from the pull-back support of its long-term ascending channel breakout and 50-week Moving Average at 9.18 (see weekly chart).
- The 9.18 support also coincides with the 23.6% Fibonacci retracement from 20 October 2008 low to 10 November 2014 high (see weekly chart).
- The long-term RSI oscillator remains above its support (see weekly chart).
- 12.16/12.80 is a Fibonacci projection cluster which also corresponds closer with the shorter-term ascending channel (in dark blue) in place since 13 November 2013.
Key levels (1 to 3 months)
Intermediate support: 10.00
Pivot (key support): 9.18
Resistance: 11.10, 11.80 & 12.16/12.80
Next support: 8.45
Conclusion
The long-term bullish trend for Guangdong Investment appears to have resurfaced after a 4-month pull-back/consolidation phase. As long as the 9.18 pivotal support is not broken, it is likely to shape a potential rally to retest the 14 November 2014 swing high at 11.80 before 12.16/12.80.
On the other hand, a break below 9.18 may damage the bullish trend for a correction towards the next support at 8.45 in the first instance.
Source: Charts are from eSignal
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