CFD Trading – Buy CNOOC (883.HKE) at $8.96. Stop at $8.40 and Target at $10.00.

CNOOC   Stock Code 0883.HKE

Outlook
Price has been forming higher highs and higher lows, which is the characteristic of an uptrend. There was a bullish Conversion lines and Base line crossover that hints for a potential bullish price trend ahead. Lagging Span is above price of 26 days ago but is currently inside the cloud. The MACD indicator is bullish and there was a bullish MACD crossover. We could see price continuing its momentum to break above its recent high, which is also the cloud resistance, to move higher to HK$10.03.

Strategy                  
$8.96                 Buy
$10.00                Price Target
$8.40                 Risk Management Stop
2 weeks             Trade Duration

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