Tag: Dongfeng Motor Group

DONGFENG GROUP   Stock Code 0489.HKE

Outlook
Price has been declining since 13 January 2021 after reaching a high of $10.10 on 11 January 2021. It is currently inside the cloud and is likely going to test the lower edge of the cloud support. There is a bearish Conversion and Base lines crossover that hints for the downside. MACD has turned bearish and there is a bearish MACD crossover that suggests an increased downward momentum. These could increase the chances of the stock price breaking below the cloud support to move lower to the next support point at $6.57.

Strategy
$7.75                 Sell
$6.65                 Price Target
$8.50                 Risk Management Stop
2 weeks            Trade Duration

DONGFENG GROUP   Stock Code 0489.HKE

Outlook
Price hit a high of HK$10.10 on 11 January and there was a price correction thereafter. It brought price lower into the cloud, where the cloud is providing support to the price decline. MACD is bearish at the moment, but both of its lines are near to the zero line. A bullish MACD crossover is also likely in the coming session, hinting of a bullish price trend ahead. We could see price rebounding from current level and to move higher towards its previous high at HK$9.96 again.

Strategy                  
$8.25                 Buy
$9.90                 Price Target
$7.40                 Risk Management Stop
2 weeks             Trade Duration