Technical Pulse: China Tower Corp Ltd November 27, 2019 104


China Tower (HK: 788) relentless downtrend will continue based on the technicals:

  1. The underlying price trend has been significantly lower lows and lower highs, thus the bearish trend will likely persist.
  2. Falling wedge formation can be seen within the downtrend line and judging from the formation, the pattern seems like a continuation of a bearish direction.
  3. 2 bearish engulfing candles have been spotted below the supply area and the 38.2% of the Fibonacci level of 57-1.81.
  4. Bearish candle strong closure below the key resistance of 1.65 indicates strong selling pressure ahead.
  5. Bearish death cross spotted. This signifies a strong confirmation of the bearish downtrend.


*This call is valid only for 1-3 weeks.

*Should the supply zone be broken with 2 candles above, then the short call will be invalidated.



Simple Moving Averages

Red dotted line = 200 SMA

Blue dotted line = 50 SMA

Green dotted line = 22 SMA

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