A follower asked me if he can start scooping up China banks since it is so low now.
I find it hard to answer this question because it is not a straightforward YES or NO.
We can see that ICBC has reached a peak of 7.50 in 2018 and for the last 2 years and 9 months, its share price is heading south.
Today, there is a 4.5% jump in its price. Nothing to be overly concerned imo as it is a healthy correction. 4.48 is a crucial weekly support level that was broken down on 31 Aug 20 and now the price is in the midst of a retracement.
Let's wait and see what happens when it comes back to this support turned resistance level at 4.48 again. Will it break out and continue the bullish trend ? If yes, then it might be worth exploring.
If not, then it could also perform a U-turn about reaching the resistance level and heads further south.
Some articles worth reading are here , here and here.
I find it hard to answer this question because it is not a straightforward YES or NO.
We can see that ICBC has reached a peak of 7.50 in 2018 and for the last 2 years and 9 months, its share price is heading south.
Today, there is a 4.5% jump in its price. Nothing to be overly concerned imo as it is a healthy correction. 4.48 is a crucial weekly support level that was broken down on 31 Aug 20 and now the price is in the midst of a retracement.
Let's wait and see what happens when it comes back to this support turned resistance level at 4.48 again. Will it break out and continue the bullish trend ? If yes, then it might be worth exploring.
If not, then it could also perform a U-turn about reaching the resistance level and heads further south.
Some articles worth reading are here , here and here.
Note
as you can see clearly, no asterik means no action taken.Note
adding some long positionyou can see that there is some support at 4 with 12 Oct long bullish engulfing candle closing above the first bearish trend line (dotted line). At 4.20 price range , another great buying opportunity, it pauses for a while before hitting higher to break the 4.48 resistance level and closed above it.
Note
you can see the support at 4.48 is fairly strongNote
and it keeps on going up....Note
We may see it coming back down to revisit the support at 4.48 again......buyers , get ready your ammunitionNote
Praise Lord. I get my wish , will be monitoring the prices this two days first.....Note
facing resistance at 5.20 level. Be patient with this stockNote
awaiting 4.78 support to see if there is any bullish signals to collect more
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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.