CFD Trading – Sell ZHAOJIN MINING (1818.HKE) @ $9.20. Stop at $9.70 and Target at $8.40

ZHAOJIN MINING Stock Code 1818.HKE

Outlook
Price rebounded after being supported by the cloud support on 4 Aug, but this rebound was capped by the Fibonacci 62% correction point at $10.67. Price declined lower as a result of this Fibonacci resistance point. Price broke below the thin cloud, which provided a weak support, during the previous trading session with a falling window and closing just below the thin cloud. The MACD is still bullish at the moment, but there was a bearish crossover. MACD also had a bearish divergence warning when price reached the high, hinting of a possible price peak.

Strategy                  
$9.20                Sell
$8.40                Price Target
$9.70                Risk Management Stop
2 weeks            Trade Duration

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.