Technical Pulse: Xinyi Solar Holdings Ltd January 27, 2022 560

 

Xinyi Solar  (HKEX: 968) It has potentially bottomed as recent technicals indicate that a bullish upside is coming:   

 

  1. The formation of the larger falling wedge signals a potential break to the upside.
  2. The morning star formation is seen closing above the Tenkan-Sen and Kijun-Sen bullish crossover. This is the first signal of an Ichimoku bullish signal.
  3. The DM+ is seen rising sharply and should it continue to rise beyond the ADX line, it will be seen as a strong bullish confirmation.  

 

 

*Expected timeline of the trade is 25 weeks from the date of report issuance.

*Major support at HK$10.47-HK$11.08 will be the next level of rebound should the stock fail to break the immediate resistance at HK$13.46

 

CHART LEGEND

 

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line

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