Tag: MGM China

CFD Trading – Sell MGM China (2282.HKE) @ $9.85. Stop at $10.30 and Target at $8.92

Shueh Ting Wong

MGM CHINA Stock Code 2282.HKE

Outlook
Price has been declining and is now testing the gap support that was created on 11 August at HK$9.86. This gap support is also at the lower edge of the cloud support. There was a bearish Conversion and Base lines crossover that suggest a bearish trend ahead. Lagging Span is below price of 26 days ago but is still above the cloud. A violation of the cloud support would turn the stock outlook to negative and could be a hint for further price decline. There is a divergence warning given from MACD that warned of a possible price high. There is also a bearish MACD crossover.

Strategy                  
$9.85                 Sell
$8.92                 Price Target
$10.30                Risk Management Stop
2 weeks              Trade Duration

CFD Trading – Buy MGM China (2282.HKE) @ $11.28. Stop at $9.95 and Target at $12.70

Shueh Ting Wong

MGM CHINA Stock Code 2282.HKE

Outlook
Yesterday, price penetrated and closed above its recent high of HK$10.80 with a bullish candlestick. It also broke out from a Rounding Bottom chart pattern. There is also a bullish Conversion and Base lines crossover that suggest a basis for the upside. The MACD is bullish and the histogram is strengthening, hinting at the increased upward momentum as well. Both of MACD’s lines are rising. Price is likely to move higher towards the Ichimoku V-projection target at HK$12.70, which is also the Rounding Bottom chart pattern target.

Strategy
$11.28                Buy
$12.70                Price Target
$9.95                 Risk Management Stop
2 weeks             Trade Duration