Xiaomi Corp (HKEX: 1810) is still in an overall corrective ranging structure. However, after Xiaomi successfully hold its fort at HKD$24.80 region, Xiaomi broke the ascending triangle and touch base at 61.8% Fibonacci retracement level of the overall of wave A. Wave and Technical indicate further upside, but it will be cap with the range between HKD$35.90-HKD$20.65:

1. Xiaomi is currently forming the potential sub-wave of ((y)) of the larger corrective regular flat.
2. Prices rebounded at the ascending triangle resistance turned support zone with a bullish engulfing candle supporting the upside.
3. Additionally, the bullish engulfing closes above the 50 and 22-day EMA.

*Timeline of the trade is 10 weeks from the date issued.

CHART LEGENDS

Moving Average

Red dotted line = 200 Periods Moving Average

Blue dotted line = 50 Periods Moving Average

Green dotted line = 22 Periods Moving Average