CFD Trading – Sell MGM China (2282.HKE) @ $9.85. Stop at $10.30 and Target at $8.92

MGM CHINA Stock Code 2282.HKE

Outlook
Price has been declining and is now testing the gap support that was created on 11 August at HK$9.86. This gap support is also at the lower edge of the cloud support. There was a bearish Conversion and Base lines crossover that suggest a bearish trend ahead. Lagging Span is below price of 26 days ago but is still above the cloud. A violation of the cloud support would turn the stock outlook to negative and could be a hint for further price decline. There is a divergence warning given from MACD that warned of a possible price high. There is also a bearish MACD crossover.

Strategy                  
$9.85                 Sell
$8.92                 Price Target
$10.30                Risk Management Stop
2 weeks              Trade Duration

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