HKEX:2196 Fosun Pharma retrace and re-entry
After a flood of southbound cash into the HK bourse yesterday, HKEX:2196 Fosun Pharma shot up to resistance level at 38.95 within four trading days. Probably a little too much excitement for this particular stock. This was not expected on my part, but very welcome. I took profit as soon as I saw that this resistance level held.
Based on these charts, I would wait for entry when the price pulls back to support at 36.50, which also roughly stacks with the 20 EMA and sits nicely within its current uptrend channel .
I still believe it will reach $40-$41 in the near term.
Based on these charts, I would wait for entry when the price pulls back to support at 36.50, which also roughly stacks with the 20 EMA and sits nicely within its current uptrend channel .
I still believe it will reach $40-$41 in the near term.
