China Unicom – Tick Insights

CHINA UNICOM Stock Code 0762.HKE

Outlook
The price’s decline managed to stay above the big gap zone that was created on 13 August. This decline appears to have run its course as there was a Bullish Engulfing price pattern formed during the last trading session. This could be a hint for potential upside ahead. Price broke above the declining trendline that formed since 18 Aug as well, reinforcing the bullish trend. The 20EMA cuts the 50EMA to the upside on the previous trading session, which is again another sign of a bullish trend. A bullish MACD crossover is likely in the coming session, which also suggest for the upside.

Strategy
$5.40                 Buy
$6.50                 Price Target
$4.90                 Risk Management Stop
2 weeks            Trade Duration

CHINA UNICOM Stock Code 0762.HKE

Outlook
This stock has retraced to the key Fibonacci 62% correction point of Jul-Aug 20’s rally. It rebounded from this key support and has penetrated above both the Conversion and Base lines. A bullish Conversion and Base lines crossover is likely in the coming session, hinting at a bullish trend. Lagging Span is above price of 26 periods ago and also above the cloud. Lagging Span confirms the bullish trend. The MACD is still bullish and a bullish crossover is likely, also indicating a bullish trend ahead. These could increase chances of the stock price resuming its upward momentum and to test its previous high again.

Strategy
$5.75                 Buy
$6.65                 Price Target
$5.20                 Risk Management Stop
2 weeks            Trade Duration