MTR Corp (HK: 66) is headed for another sell-off after the strong rebound in late March 2020:
- The stock rebound was capped at the resistance turned support level at 42.55 and formed a bearish engulfing candle.
- The bearish engulfing rejects the 50% simple moving average and closes below the 61.8% of the Fibonacci level from 45.85-37.95.
- Death cross is still valid as prices have been trending below the 200 and 50 Simple moving average.
- Stochastic shows oversold bearish cross over above the 80 oversold zone.
*The technical call is valid only for 3 weeks.
CHART LEGENDS
Simple moving average
Blue line = 50 SMA
Red line = 200 SMA
