Search
Products
Community
Markets
News
Brokers
More
EN
Get started
Community
/
Ideas
/
MHUA Chinese Med Tech Penny Stock
Meihua International Medical Technologies Co., Ltd.
Long
MHUA Chinese Med Tech Penny Stock
By AwesomeAvani
Follow
Follow
May 14, 2023
3
Cheer
Cheer
May 14, 2023
MHUA is shown here on the daily chart. It is currently trading at about 90% off its high of the
year. It is in the high volume area of the long term volume profile suggesting there is sufficent
liquidity to support active trading. Recent volume spikes suggest buying volume increases with
the spikes being about 10X relative volume. Price is over the POC line of the volume profile
demonstrating that buying pressure exceeds selling pressure. Price is at or near to one
standard deviation below the mean anchored VWAP and so in the undervalued area as
confirmed by the RSI Stochastic < 20 %. Chart patterns include an engulfing " big ass " candle
on 5/1 and a three-bar strike with another engulfing green candle on 5/12. Both of these
could be considered long entry signals especially when supported by the price above the POC
and the RSI. I will take a position risking 0.25% of the trading account to begin the trading
week. I am targeting a gain of $15.00 per share being a 50% retracement back to the high
YTD and a 300% return on investment. I will take a 100 share position and close 10 shares
each time the price rises by $2.00. This will adequately mitigate the risk of a volatile penny
stock while adequately rewarding the risk taken.
anchoredvwap
biotechnology
Candlestick Analysis
GMDA
MHUA
Oscillators
partialprofits
pennystock
PLX
riskmanagementstrategy
Supply and Demand
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
.