CFD Trading – Buy CITIC Securities Co Ltd (6030.HKE) @ $17.40. Stop at $16.15 and Target at $19.70

CITIC SEC   Stock Code 6030.HKE

This stock reached a high of HK$21.45 and has been declining since that high. It is now sitting at the long term 200-day moving average, which also coincides with the Fibonacci 62% correction point of May-Jul 20’s price swing. It is also supported by a gap zone. The MACD is bearish at the moment, but a bullish crossover could be seen in the coming session, hinting of a potential upside ahead. These could increase chances of the stock price rebounding from multiple support zone of HK$16. A rebound could bring price higher to HK$19.69.

$17.40                Buy
$19.70                Price Target
$16.15                Risk Management Stop
2 weeks             Trade Duration

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