Bank of Communication (HKEX: 3328) has been on an accumulation phase since its bearish breakaway gap on 2nd July. Recent technicals indicate potential upside after much sideway accumulation:
*Expected timeline of the trade is 15 weeks from the date of report issuance.
*The stock will have an added bullish confidence once it further breaks HK$4.82. Should a bearish candle close on the next day, there is a risk of confirming Monday’s candle as a hanging man.
Ichimoku Kinko Hyo
Red dotted line = 26 periods Kijun-Sen
Blue dotted line = 9 Periods Tenkan-Sen
Green Line B= 52 periods Senkou Span B
Pink Line A = 26 periods Senkou Span A
Black line = 26 periods Chikou Span. Lagging line
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