Technical Pulse: Geely Automobile Holdings Ltd November 12, 2021 336

 

Geely Automobile (HKEX: 175) trading range is likely to persist longer.Recent technicals indicate our previous report dated 30th July is still valid after fresh signals emerge that a new upside will start once prices breach the HK$27.40 resistance level:   

 

  1. The formation of the cup and handle formation has increased the probability of a bullish upside break. Furthermore, the handle/cup is well supported above all three key moving averages.
  2. The resistance level at HK$27.40 has been tested multiple times and weakening it.
  3. The 22-day short-term moving average has crossed above the 200 and subsequently the 50-day moving average. Signalling strong bullish sentiment ahead.

 

*Expected timeline of the trade is 15 weeks from the date of report issuance.

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