Technical Pulse: China Shenhua Energy Co Ltd October 22, 2021 190

China Shenhua Energy (HKEX: 1088) technical price action sees a potential rebound to the upside after a short-term consolidation from Mid-September to present:   

 

  1. Ascending triangle formation is looking to break the resistance zone at HK$19.32-HK$19.67 after much testing and it have weakened it in the process.
  2. Bullish hammer on Wednesday rebounded and close above HK$17.90-HK$18.32 support zone and Thursday’s bullish candle confirms it by closing above the Tenkan-Sen
  3. Volume shows constant appreciation above 20-period moving average.

 

*Expected timeline of the trade is 15 weeks from the date of report issuance

CHART LEGEND

 

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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