Trade of the Day
Kingsoft Cloud Holdings Ltd (NASDAQ: KC)
(Current Price: US$7.15) – TECHNICAL BUY
Buy stop price: US$7.28 Stop loss: US$6.00 Take profit: US$10.00
The price has consolidated in a bullish ascending triangle formation, forming higher lows towards the US$7.10 neckline resistance coupled with bullish momentum on the Moving Average Convergence Divergence (MACD) technical indicator.
Should a breakout occur, the price could retest the resistance level at US$10.00, which was a swing high formed in April this year.
Expected timeline of the trade is 4-12 weeks from the date of report issuance.
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