Ping An Healthcare and Technology (HK: 1833) bullish trajectory is gaining momentum and based on the technicals, the stock will continue to rally:
- The formation of the bullish flag near the 38.2% Fibonacci retracement level from 56.00-123.30 signals a continuation of the bullish trend.
- Zooming in on the 2nd touch of the flag’s base, the formation of the tweezer bottom with a strong bullish candle rejecting the buy zone at 60-100.90, which confluence with the 38.2% of the Fibonacci retracement level.
- On the indicator front, the Tweezer bottom has also tested the lower band of the Bollinger band after the band went into a squeeze. Which means that there is a strong possibility of a strong bullish breakout.
- There is a surge in the volume after prices reject the 100.00 psychological level yesterday.
*The technical call is valid only for 3 weeks.
CHART LEGENDS
Bollinger Bands
Red dotted line = Upper Bollinger Band
Blue dotted line = Middle Bollinger Band
Green dotted line = Lower Bollinger Band
Standard deviation = 2
Periods = 21