Technical Pulse: Sunny Optical Technology Group Co Ltd September 4, 2019 113

Support 1: 113.54                  Resistance 1: 96.09

                                                   Resistance 2: 77.16


Sunny Optical Technology (HK: 2382) uptrend has been met with resistance at 109.63. Based on the technicals below, we believe that a bearish correction may be imminent. 

  1. The shooting star closing price actually closes below the resistance level of 109.63. This signifies that the bulls are not that strong enough to close above the resistance level. Even the past 2 candles before the shooting star have failed to close above the resistance level of 109.73.
  2. Falling wedge formation.
  3. RSI Bearish divergence.
  4. Stochastic Oscillator showing potential signs of overbought and there is a high probability that the K and D line crossing at the overbought zone.



Relative Strength Index


Red line = 60 Overbought line

Green line = 40 Oversold line

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