CFD Trading – Buy MGM China (2282.HKE) @ $11.28. Stop at $9.95 and Target at $12.70

MGM CHINA Stock Code 2282.HKE

Yesterday, price penetrated and closed above its recent high of HK$10.80 with a bullish candlestick. It also broke out from a Rounding Bottom chart pattern. There is also a bullish Conversion and Base lines crossover that suggest a basis for the upside. The MACD is bullish and the histogram is strengthening, hinting at the increased upward momentum as well. Both of MACD’s lines are rising. Price is likely to move higher towards the Ichimoku V-projection target at HK$12.70, which is also the Rounding Bottom chart pattern target.

$11.28                Buy
$12.70                Price Target
$9.95                 Risk Management Stop
2 weeks             Trade Duration

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