Accumulation structure $728
Fast dynamic support holding up. Price hovering near structure resistance.
Accumulating at 2.70-2.80 area, sell at 3.50 - 3.80 VBP resistance.
RRR = 3.00++ not bad for a position trade.
Using triangle patterns to tradeIf you dislike using fraction to do your charts as I have shown here , how about the world of shapes ?
One of the most common methods that traders used is triangle shapes pattern in charting.
So, in Haitong Securities, we can see that it has been on a down trend since it hit 27 in Apr 2015.
Now, it is reaching the apex of the triangle and you can see the price range that it is trading each day is also getting tighter and narrower.
OK, think of the price action as a spring coil trapped inside this triangle container! As it is being squeezed towards the end, it gets tighter and it has to breakout. The question is UP or down ?
Why stressed yourself to answer the question now when it is still far away from the apex ? Wait and wait some more.
Now, must it reach the apex of the triangle before it breaks out ? Of course not! Again, like fractions, using shapes like triangle patterns is a GUIDE not a certainty. It jolly well can break out today, tomorrow with a parabolic 90 degree. See the 3 orange circles!
Also, note, each time , the spikes get shorter and shorter as it comes closer to the apex of the triangle (being squeezed inside).
So, when friends asked you , can I buy Haitong Securities ? What do you say ?
Wait - that's my answer ( of coz yours can differ).
Why wait ?
Well, based on charts (not considering company fundamentals and other economic reasons), it has yet to break out of the triangle or break down the support line at 6.39. Since I am not keen to short stocks , that means I am buying only. And now would not be a good timing to go long.
So, does that mean we must wait till 2022 for the answer? Well, it is a GUIDE. It can be shorter or takes longer than that for the breakout. So, buying now will carry higher risks since you are paying at a higher price.
And is this triangle patterns in charting more powerful than fractions ? That is for you to decide....
HSBC is approaching support, potential bounce Prices are approaching support where we could see a bounce above this level, Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.
Ping An is approaching resistance, potential reversal Price is approaching resistance where we could see a reversal below this level. Ichimoku cloud is also showing signs of bearish pressure as well, in line with our bearish bias.
LONG 3690 (Meituan)Expecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
Tencent is approaching resistance, potential reversalPrices are approaching resistance where we could see a further drop below this level. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Tencent Holding(HK: 700) Opportunity Recent Hang Seng Technology retraces have provided numerous opportunities to purchase tech stocks, especially tycoon stock Tencent Holding. Stock price is holding steady around the support trend line, and I am aiming for a rebound. TP and SL labelled.
MeituanMeituan in my opinion. Steady trend line going up. Even if there is a possible H&S, I am aiming for AT LEAST 380 level. SL 240.
GEELY AUTO NEXT MOVEAn unknown friend asked me to put a chart on 'GEELY AUTO'
I can read any chart using NEO wave technique and able to plot the next move with timing.
Most important is I refuse to use any indicators rather HATE all kind of nonsense which will not give you any FORECAST.
ENJOY trade well
SELVAM.B.
Engineer ,,Trader,,,Analyst
Long Xiaomi for short termIchimoku cloud is still in green, on upwards trend.
Stoch RSI still in the safe zone. And finally Fibonacci Retracement marks a reversal time.
Breaking above triangle with slightly higher volBreaking above triangle on last few days of slightly high volume.
Eyeing up BYD againOne of my favourite stocks, BYD, has corrected quite sharply due to a pullback in China stocks due to stimulus ending - over 40% from the top. I believe we are forming at least an interim bottom and now's a good time to add to the position. BYD is a profitable electric car company with huge potential which is still valued far less than the likes of TESLA. It should continue to ride the EV wave as soon as the correction in Chinese stocks are finished. Unless of course, the wider market experiences a correction.
1357 Meitu Head and shoulders buying opportunityBuy in the red box with a stop loss of 1,34 and targets of 7,5 and the resistance lines to scale out of your position
3319 A-Living Elliott wave & flag and pole buy opportunityBuy limit at 25,2-24,05. Take half profit at flag and pole target and the rest at the last resistance line.
FXI with less noiseI manually threw alot of the major holdings of FXI on the chart and weighted them together. Posting to track it
