Technical Pulse: Ping An Healthcare and Technology Co Ltd May 21, 2020 892

Ping An Healthcare and Technology (HK: 1833) bullish trajectory is gaining momentum and based on the technicals, the stock will continue to rally:

  1. The formation of the bullish flag near the 38.2% Fibonacci retracement level from 56.00-123.30 signals a continuation of the bullish trend.
  2. Zooming in on the 2nd touch of the flag’s base, the formation of the tweezer bottom with a strong bullish candle rejecting the buy zone at 60-100.90, which confluence with the 38.2% of the Fibonacci retracement level.
  3. On the indicator front, the Tweezer bottom has also tested the lower band of the Bollinger band after the band went into a squeeze. Which means that there is a strong possibility of a strong bullish breakout.
  4. There is a surge in the volume after prices reject the 100.00 psychological level yesterday.

 

*The technical call is valid only for 3 weeks.

 

CHART LEGENDS

 

 

Bollinger Bands

Red dotted line = Upper Bollinger Band

Blue dotted line = Middle Bollinger Band

Green dotted line = Lower Bollinger Band

 

Standard deviation = 2

Periods = 21

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