Technical Pulse: CNOOC Ltd January 27, 2022 642

 

CNOOC LTD  (HKEX: 883) Upside is set to continue based on technicals:   

 

  1. The bullish runaway gap above the resistance turned support level at HK$9.22 remains despite a consolidation. Furthermore, the risk of falling into an exhaustion gap is low as the price has been trending above HK$9.22 for more than 10 periods.
  2. The pennant formation above the resistance turned support level is a bullish continuation pattern.
  3. Ichimoku shows a strong three bullish golden cross signal and Wednesday’s bullish gap above the Tenkan-Sen cemented the bullish sentiment.
  4. The DM+ is sloping up again and with the ADX remaining above 40. This confirms the strength of the bullish trend.

 

 

*Expected timeline of the trade is 25 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

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!