Last week, the PetroChina share price continued its downward trend and has now reached the level at which it should form the low of the blue wave (iv) in our primary scenario. Consequently, it should soon stabilize and stop its downward movement. With the low in its pocket, a further rise is then on the cards to complete the turquoise wave 4. Only when this...
Opened below bearish hammer.
Filled next day, strong bullish hammer closed below 10MA, but slightly above both 100 and 200MA.
Risky trade in a hindsight we'll see how market decides soon.
Prices are approaching our support in line with our graphical swing low support and 78.6% fibonacci retracement where we could see a bounce above this level with our first resistance as our target.
Rounding double bottom with divine crossover? Price is well supported settling at the 50ema. Accumulating buy volume for the past year. Might shoot up anytime soon. Patience.
Price is approaching our support where we could see a bounce above this level. Our first support is in line with our 100% and 78.6% fibonacci extension as well as the 61.8% fibonacci retracement. Ichimoku cloud is showing signs of bullish pressure as well in line with our bullish bias.
Price is facing bullish pressure in line with our ascending trend line, Ichimoku cloud and 20 EMA where we could see a further upside above this level to our first resistance target.
Expecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
Previously we caught the reversal nicely on this stock, I have linked it below. I maintain a bearish view on this stock a test of our sell entry could present a good opportunity for a short. What are your thoughts on this?
