Technical Pulse: NagaCorp Ltd January 30, 2020 358

NagaCorp (HK: 3918) bearish move is expected to halt based on the technicals below:

  1. The stock has fallen since late 2019 from 14.75 to 11.00 psychological support level.
  2. The Bullish hammer is a reaction to the strong buyback at the 11.00 psychological support. This view is further reiterated by the spike in volume on 29th Jan 2020.
  3. Bullish hammer rejection above the demand level indicate further upside.
  4. On the indicator front, stochastic shows an oversold cross, indicating a bullish rebound is around the corner.

 

*The technical call is valid only for 3 weeks.

 

CHART LEGENDS

Simple Moving Averages

Green dotted line = 22 SMA

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