MTR Corp (HK: 66) is headed for another sell-off after the strong rebound in late March 2020:

1. The stock rebound was capped at the resistance turned support level at 42.55 and formed a bearish engulfing candle.
2. The bearish engulfing rejects the 50% simple moving average and closes below the 61.8% of the Fibonacci level from 45.85-37.95.
3. Death cross is still valid as prices have been trending below the 200 and 50 Simple moving average.
4. Stochastic shows oversold bearish cross over above the 80 oversold zone.

*The technical call is valid only for 3 weeks.

CHART LEGENDS

Simple moving average

Blue line = 50 SMA

Red line = 200 SMA