Technical Pulse: Ping An Healthcare and Technology Co Ltd March 3, 2020 444

 

Ping An Healthcare and Technology (HK: 1833) rally may be heading for a temporary bearish correction as the technicals indicate:

  1. The stock has formed a head and shoulder formation pending for a breakout of the neck line resistance at 70.05. Also, the formation has indicated that prices failed to break past the 80.00 psychological resistance.
  2. Shooting star candle stick below the right shoulder.
  3. Rising wedge formation indicate that the stock is heading for a bearish reversal.

 

*The technical call is valid only for 3 weeks.

*The bullish rebound should happen at the support level of 64.65.

 

CHART LEGENDS

Moving averages

Red line = 200 SMA

Blue line = 50SMA

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