PETROCHINA Stock Code 857.HKE
Outlook
Price is now reaching the cloud support, which also coincides with the gap support and the Fibonacci 62% correction point of Oct-Nov 20’s rally. The thick cloud is also a hint of a strong support at this zone. The MACD is still strong and bullish now, with both of its lines above the zero line. Conversion and Base lines had a bullish crossover earlier and is hinting of a bullish price trend ahead. As long as this support zone holds, there is chance for price to rebound from here to a higher level.
Strategy
$2.39 Buy
$2.60 Price Target
$2.30 Risk Management Stop
1 week Trade Duration
