Technical Pulse: Industrial & Commercial Bank of China Ltd October 1, 2019 233


ICBC (HK: 1398) recent bullish rise is expected to continue despite a short correction in recently.   

  1. Rising wedge formation suggests a bullish upward reversal ahead.
  2. Bullish engulfing strong closure above 50% retracement level of 81-5.45
  3. Price reacted at the area of demand, which confluence with the 50% retracement level.
  4. 22 SMA crosses above the 50 SMA which result in a bullish cross over.
  5. Stochastic oversold crosses signify a bullish return.



Moving Averages

Green dotted line = 22 Simple moving average

Blue dotted line = 50 Simple Moving Average

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