YANZHOU COAL Stock Code 1171.HKE
Outlook
The price rebound was capped by the Base line resistance, which is also near to the Fibonacci 50% correction point. Conversion and Base lines had a bearish crossover earlier, hinting at a bearish price trend. MACD is bearish and is moving lower, showing the increased downward momentum. We see price continuing its downward strength to move lower.
Strategy
$23.70 Sell
$18.85 Price Target
$25.90 Risk Management Stop
2 weeks Trade Duration
YANZHOU COAL Stock Code 1171.HKE
Outlook
The outlook of the stock price is bullish as price is trading above the cloud. Price could be consolidating within a Triangle chart pattern, which is one of the continuation patterns. It is also sitting at the base line support currently. The lagging span is above price of 26 days ago and is above the cloud, confirming the bullish price trend. The MACD remains strong and bullish. We are likely to see price breaking out from the Triangle pattern to retest its previous peak at HK$18.00 in the next 1-2 weeks.
Strategy
$16.35 Buy
$18.00 Price Target
$15.30 Risk Management Stop
2 weeks Trade Duration
YANZHOU COAL Stock Code 1171.HKE
Outlook
This stock gapped up on 29 March 2021 and has managed to stay above this gap support for the past few sessions. The Conversion line is also coinciding with this gap support, providing another layer of support for price. The Lagging Span is above the cloud and the price of 26 days ago, confirming the bullish trend. The MACD is also strong and bullish and there is a bullish MACD crossover. We could see price resuming its upward momentum to move higher to the next resistance level at HK$10.20 again.
Strategy
$9.45 Buy
$10.20 Price Target
$8.85 Risk Management Stop
2 weeks Trade Duration
