Hello Traders,
Netdragon, a Hong Kong listed stock, has risen to a weekly high at HK$ 16.78 intraweek and closed the week at HK$16.52! The move since the low at HK$11.80 (closing basis) is a clear uptrend (higher highs, higher lows) and as long as the low @ 16.52 is valid the focus is to the upside.
At chart you will observe the colored rectangle, which show you an open gap (on a hourly basis to check) and often times open gap`s act like a magnet. So it is possible that it will be filled.
On a shortterm observation take note, that there is resisstance ahead at 16.52, but also there is much room to rise by checking RSI and RoC!
So the coming days will be interesting to monitor. If the breakout of the declining trendchannel is the start to a new impulsive move, as I think it is, sooner or later a „kiss good-by“ will be occured by testing the upper line of the channel.
Have a great Sunday...
ruebennase
Netdragon, a Hong Kong listed stock, has risen to a weekly high at HK$ 16.78 intraweek and closed the week at HK$16.52! The move since the low at HK$11.80 (closing basis) is a clear uptrend (higher highs, higher lows) and as long as the low @ 16.52 is valid the focus is to the upside.
At chart you will observe the colored rectangle, which show you an open gap (on a hourly basis to check) and often times open gap`s act like a magnet. So it is possible that it will be filled.
On a shortterm observation take note, that there is resisstance ahead at 16.52, but also there is much room to rise by checking RSI and RoC!
So the coming days will be interesting to monitor. If the breakout of the declining trendchannel is the start to a new impulsive move, as I think it is, sooner or later a „kiss good-by“ will be occured by testing the upper line of the channel.
Have a great Sunday...
ruebennase