Multi Bullish Pattern Found in China Evergrande
China Evergrande (3333), a major Chinese real estate group, announced that contracted sales climbed 11.6% on year.....
Share this:
China Evergrande (3333), a major Chinese real estate group, announced that contracted sales climbed 11.6% on year to 65.21 billion yuan in April. Besides, the company reported that it repurchased 3.712 million shares on March 5, involving 51.51 million Hong Kong dollars.
From a technical point of view, the stock broke above the declining trend line drawn from January top and the Pennant pattern on the daily chart. Those patterns suggest a bullish outlook on the chart.
The RSI has broken above the declining trend line drawn from January and is still heading upward, suggesting the upward momentum for the stock prices.
Bullish readers should consider to set the support level around the previous low at $12.40. The resistance level is located at $15.50 (a gap occurred on March 16) and $17.40 (a gap occurred on March 9).
Source: GAIN Capital, TradingView
From a technical point of view, the stock broke above the declining trend line drawn from January top and the Pennant pattern on the daily chart. Those patterns suggest a bullish outlook on the chart.
The RSI has broken above the declining trend line drawn from January and is still heading upward, suggesting the upward momentum for the stock prices.
Bullish readers should consider to set the support level around the previous low at $12.40. The resistance level is located at $15.50 (a gap occurred on March 16) and $17.40 (a gap occurred on March 9).
Source: GAIN Capital, TradingView
China Evergrande (3333), a major Chinese real estate group, announced that contracted sales climbed 11.6% on year to 65.21 billion yuan in April. Besides, the company reported that it repurchased 3.712 million shares on March 5, involving 51.51 million Hong Kong dollars.
From a technical point of view, the stock broke above the declining trend line drawn from January top and the Pennant pattern on the daily chart. Those patterns suggest a bullish outlook on the chart.
The RSI has broken above the declining trend line drawn from January and is still heading upward, suggesting the upward momentum for the stock prices.
Bullish readers should consider to set the support level around the previous low at $12.40. The resistance level is located at $15.50 (a gap occurred on March 16) and $17.40 (a gap occurred on March 9).
Source: GAIN Capital, TradingView
From a technical point of view, the stock broke above the declining trend line drawn from January top and the Pennant pattern on the daily chart. Those patterns suggest a bullish outlook on the chart.
The RSI has broken above the declining trend line drawn from January and is still heading upward, suggesting the upward momentum for the stock prices.
Bullish readers should consider to set the support level around the previous low at $12.40. The resistance level is located at $15.50 (a gap occurred on March 16) and $17.40 (a gap occurred on March 9).
Source: GAIN Capital, TradingView
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
S&P 500, Nasdaq, Dow Forecast: Rising Yields Test Rally Ahead of Nvidia, Fed 8 22 2026
S&P 500, Nasdaq and Dow test key technical levels as momentum fades, raising the risk of a deeper correction heading into a pivotal week.
Magnificent Seven Earnings Preview: Can Big Tech Reclaim AI Leadership?
The Magnificent Seven enter earnings with far more divided performance than in previous years, as investors increasingly distinguish between companies supplying the AI buildout and those funding it - what does that mean heading into earnings season?
USD/JPY unwind accelerates as GPIF headlines spark yen buying
Japanese assets are rallying after the government floated the prospect of the GPIF investing more heavily at home. While the proposal could have significant implications for global capital flows, it does not yet change the broader forces driving Japanese bond yields and USD/JPY.
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.