hong kong shares highlights guangdong investment ltd 85612015
<p>Guangdong Investment Ltd (HKG: 0270) – Bullish signals sighted at support Key elements Price action has pull-backed and it is now resting on its upward […]</p>
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Guangdong Investment Ltd (HKG: 0270) – Bullish signals sighted at support
Key elements
- Price action has pull-backed and it is now resting on its upward sloping 100-day Moving Average.
- Current price action has formed an impending “Bullish Engulfing” candlestick pattern
- The lower boundary of a long-term ascending channel in place since November 2013 stands at 9.61.
- The 9.61 support level also coincides closely with a Fibonacci cluster.
- The Stochastic oscillator has reached an “extreme” oversold level.
Key levels (1 to 3 months)
Pivot (key support): 9.61
Resistance: 10.96 & 11.35
Next support: 8.53
Conclusion
As longs the monthly pivotal support at 9.61 holds, Guangdong Investment may see an upside movement to test its range top at 10.96 in the first instance before targeting the upper boundary of the long-term ascending channel at 11.35.
On the other hand, a break below 9.61 is likely to damage the bullish trend to see a correction towards the next support at 8.53.
Source: Charts are from eSignal
Disclaimer
The information contained in this material 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. All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.
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