Tag: CNBM

CNBM   Stock Code 3323.HKE

Outlook

The chart outlook of the stock price is bullish as price is trading above the cloud. Conversion and Base lines had a bullish crossover earlier. Lagging Span is above the price of 26 days ago but is still inside the cloud. MACD is bullish with both of its lines above the zero line. A bullish MACD crossover is hinting at a potential upside. We are likely to see price continuing to move higher to the next price resistance at HK$12.02 in the next 1-2 weeks.

Strategy                  

$10.70                Buy

$12.00                Price Target

$9.70                 Risk Management Stop

2 weeks              Trade Duration

CNBM   Stock Code 3323.HKE

Outlook

Price managed to stay above the cloud during a price correction, keeping the bullish trend intact. The price correction was halted at the Fibonacci 62% correction point, coinciding with the resistance-turned-support zone. A Hammer reversal candlestick pattern was formed yesterday, hinting of a potential price reversal. The MACD remains bullish and the histogram is strengthening. We are likely to see price resuming its upward momentum to move higher to the next resistance at HK$11.80.

Strategy

$10.60                Buy

$11.80                Price Target

$10.00                Risk Management Stop

2 weeks             Trade Duration

China National Building Material Co (CNBM) Stock Code 3323.HKE

Outlook
The rebound from the low of HK$8.74 was resisted by the Fibonacci 50% correction point of Aug-Oct 20’s rally. This has also created a mini Double Top chart formation. Price has also broken below the neckline of this chart pattern, confirming the reversal. A Falling Three Methods candlestick price pattern adds to the bearish view. This resistance level is strong as the cloud comes in as another resistance point at this level as well. Price could be heading lower if it further violates the Base line support. MACD is bullish now but there is a bearish crossover that hints for the downside ahead. We see price heading lower to the next support point at HK$9.09.

Strategy
$10.30               Sell
$9.10                 Price Target
$11.10                Risk Management Stop
1 week              Trade Duration