Hello Traders,
Netdragon made a high at HK$ @ 25.50 on April 19 and is correcting the tremendous move from HK$ 11.30 on January 4th!
The correction is showing „overlapping“ waves and failed to retrace a 0.382 Fibonacci of the advance, which is the minimum level for a correction to my view, if the advance was done at 24.50.
This overlapping structure is to my view a clear corrective pattern.
So, more bearish potenciall exist and a target at minimum is at HK$ 19.45 and the level of HK$ 18.-, were a wave „iv“ of lesser degree was done.
While a shortterm up-move is possible, a target range for this is around the 22.75-23-75 HK$. This area is at the upper boundary of the trendchannel (blue).
Notice that the volume is „drying up“ and it seems that there is no more „pressure“ to sell the stock.
We will check the patterns and developments for Netdragon and update the analyze if possible.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Netdragon made a high at HK$ @ 25.50 on April 19 and is correcting the tremendous move from HK$ 11.30 on January 4th!
The correction is showing „overlapping“ waves and failed to retrace a 0.382 Fibonacci of the advance, which is the minimum level for a correction to my view, if the advance was done at 24.50.
This overlapping structure is to my view a clear corrective pattern.
So, more bearish potenciall exist and a target at minimum is at HK$ 19.45 and the level of HK$ 18.-, were a wave „iv“ of lesser degree was done.
While a shortterm up-move is possible, a target range for this is around the 22.75-23-75 HK$. This area is at the upper boundary of the trendchannel (blue).
Notice that the volume is „drying up“ and it seems that there is no more „pressure“ to sell the stock.
We will check the patterns and developments for Netdragon and update the analyze if possible.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!