2318.HK PingAn (Rebounce Suspecting for short-run)
Updated
1. Uptrend line (Long-run): Lining up bottoms of 2016 and 2020.
2. Fibonacci retracement: 61.8% of latest uptrend (Mar 2020 - Jan 2021)
3. Former tops: In monthly chart, ~79.50 was the top of consolidation area in 2H2020.
Trades:
A) BUY - hold and wait for actual buy signals (above 9EMA, MACD cross, ROCxSROC)
B) SELL - short it when price touch 9EMA
2. Fibonacci retracement: 61.8% of latest uptrend (Mar 2020 - Jan 2021)
3. Former tops: In monthly chart, ~79.50 was the top of consolidation area in 2H2020.
Trades:
A) BUY - hold and wait for actual buy signals (above 9EMA, MACD cross, ROCxSROC)
B) SELL - short it when price touch 9EMA
Trade active
Target to take profit: $83.70or
Sell below $81.00
Trade active
Remain to hold. Target declines to $83.10 (21-day EMA)1. MACD picking up
2. ROC picking up
3. Price never closed below $81 but few attempts to breakout last week show that level is supporting.
Trade closed: target reached
Target for profit-taking $83.70 was hit. By the time writing this on 2021.05.26 at 10:26, the highest price was $84 and currently was trading at $83.75.
First, this short-term strategy is completed; however, one of the key trigger to enter this trade was the price reached an "uptrend line (Long-run): Lining up bottoms of 2016 and 2020", which I mentioned at first on 14th May. Given that, it could be a strategy for long-run as well.
Second, before closing this trade idea, traders may also consider to hold Ping An (2318.HK) for a high price target.
Bottom line:
1) Low risk-tolerance: take profit when price drops below 21-day EMA (currently at $83.20)
2) High risk-tolerance: Manage your downside risk when the price drops below $80.
3) Upside: $86.20 and $88.00
- End. Thanks for reading -
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