Moderately bullish on MEITU 1357 HK
The 4 hour timeframe is shown in this analysis and commentary is provided below based on the numbers indicated on the chart:
1. A weak Price & Base Line bullish cross signal takes place below the kumo
2. But RSI divergence strengthen my intermediate bullish view on the stock
3. Due to a rapid slump by the beginning of 2018, the downside risk is limited at current price level
Target
1. Continuous rally Into the cloud range
2. Reaching 0.382 Fib retracement @ $7.5 in intermediate trend
1. A weak Price & Base Line bullish cross signal takes place below the kumo
2. But RSI divergence strengthen my intermediate bullish view on the stock
3. Due to a rapid slump by the beginning of 2018, the downside risk is limited at current price level
Target
1. Continuous rally Into the cloud range
2. Reaching 0.382 Fib retracement @ $7.5 in intermediate trend
Note
Good volume and Price & Base Line bullish cross signal on the daily Ichimoku.Constant with TP @ $7.5 in intermediate trend
Trade closed: stop reached
Failed to reach 0.382 Fib retracement @ $7.5 but made a decent return to 100EMA / Top of the Cloud @ $6.4 during bad market sentiment.
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