CFD Trading – Sell Sunac China (1918.HKE) @ $34.40. Stop at $37.30 and Target at $31.00

SUNAC Stock Code 1918.HKE

Outlook
Price has been moving lower since 7^th July, and could have formed a potential lower highs and lower lows, which is a typical downtrend pattern. It was capped by the Base line resistance, and a Bearish Engulfing reversal pattern was formed yesterday. There was a bearish Conversion and Base lines crossover that hint of a bearish trend as well. The RSI indicator is losing its upward momentum and is trading below its neutral level. The cloud support ahead is relatively thin, suggesting a weak support. We could see price moving lower to HK30.98 if price breaks below the cloud support.

Strategy
$34.40                Sell
$31.00                Price Target
$37.30                Risk Management Stop
2 weeks Trade Duration