CFD Trading – Buy ICBC (1398.HKE) at $4.80. Stop at $4.55 and Target at $5.25

After reaching a high of $5.24 on 30 November, price went into a consolidation and decline. However the decline managed to halt at the lower edge of the cloud, keeping the uptrend intact. Price has now bounced above the cloud and we think the correction is over and price is likely to move up higher to test the previous high of $5.24 and higher again. MACD is also turning around and we could see a bullish crossover which could hint of a bullish price trend ahead.

$4.80               Buy
$5.25               Price Target
$4.55                Risk Management Stop
2 week              Trade Duration

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.