CFD Trading – Buy China Unicom (762.HKE) @ 5.75. Stop at $5.20 and Target at $6.65

CHINA UNICOM  Stock Code 0762.HKE

This stock has retraced to the key Fibonacci 62% correction point of Jul-Aug 20’s rally. It rebounded from this key support and has penetrated above both the Conversion and Base lines. A bullish Conversion and Base lines crossover is likely in the coming session, hinting at a bullish trend. Lagging Span is above price of 26 periods ago and also above the cloud. Lagging Span confirms the bullish trend. The MACD is still bullish and a bullish crossover is likely, also indicating a bullish trend ahead. These could increase chances of the stock price resuming its upward momentum and to test its previous high again.

$5.75                 Buy
$6.65                 Price Target
$5.20                 Risk Management Stop
2 weeks             Trade Duration

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