PetroChina Stock code 0857.HKE
Outlook
Price has completed its corrective rally with a bearish Engulfing candlestick pattern. The rally was also resisted at the previous price low of $5.20 which has become the key resistance point. Despite a $0.60 rally in price, the middle band in the Bollinger Band indicator did not turn up but instead move sideways. This could be a hint that the recent rally was only a corrective rally. RSI was also weak during the corrective rally. RSI was not able to move above a reading of 60. This is another indication of a corrective rally. We think price will not go above $5.20. Price is likely to test the low of $4.60 again.
Strategy
HK5.00 Short Sell
HK4.65 Price Target
HK5.21 Risk Management Stop
2 weeks Trade Duration
Keppel Corp Stock Code BN4.SGX
Outlook
Price has likely completed its rally with a high at $6.38. On the day of the high, there was a bearish reversal Shooting Star candlestick pattern. It was followed by 2 days of strong decline as seen by the 2 long red candlesticks. Price high was also near to the upper band of the Bollinger Band. Price also broke a short term rising trend line. RSI has a bearish divergence warning. RSI has also failed to move higher than a reading of 60. All these signs are pointing to a price decline to $5.95 which is the base of the price gap.
Strategy
$6.20 Short Sell
$5.90 Price Target
$6.39 Risk Management Stop
2 weeks Trade Duration
