MTR CORPORATION LTDShort
MTR Corp heading for renewed sell-off
Continued downside pressure is heading for more sell-off based on the technicals indicated although the stock had a strong rebound in late March 2020:
1. The stock upside rebound was capped at the resistance turned support level at 42.55 and forming a bearish engulfing candle.
2. The bearish engulfing rejects the 50% simple moving average and closes below the 61.8% of the Fibonacci level from 45.85-37.95.
3. Death cross is still valid as prices has been trending below the 200 and 50 Simple moving average.
4. Stochastic shows oversold bearish cross over above the 80 oversold zone.
1. The stock upside rebound was capped at the resistance turned support level at 42.55 and forming a bearish engulfing candle.
2. The bearish engulfing rejects the 50% simple moving average and closes below the 61.8% of the Fibonacci level from 45.85-37.95.
3. Death cross is still valid as prices has been trending below the 200 and 50 Simple moving average.
4. Stochastic shows oversold bearish cross over above the 80 oversold zone.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.