Trade of the Day – Kuaishou Technology (HKEX: 1024) August 18, 2023 347

Trade of the Day

Kuaishou Technology (HKEX: 1024)

(Current Price: HKD$64.40) – TECHNICAL BUY

Buy price: HKD$64.40     Stop loss: HKD$57.00    

Take profit 1: HKD$72.50     Take profit 2: HKD$80.00    

 

 

The price found support upon retest at the confluence of the downtrend resistance line breakout and HKD$62.00 previous horizontal resistance level. The Moving Average Convergence Divergence, or MACD technical indicator is also displaying bullish momentum over the mid-term, with higher highs and higher lows formed.

 

The price could head towards the HKD$72.50 level, a potential retest of the recent swing high formed this month. It could then head to the next resistance level at HKD$80.00, confluent with the next horizontal resistance level formed in January this year.

Expected timeline of the trade is 4-12 weeks from the date of report issuance.

About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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