HK Stock Pick

Posted by lonevoice
Friday, October 31, 2008 19:47
Posted in category Hang Seng

Are you ready for a 100% return trade?

I’m not kidding. This is the trade to make back your past losses. The HK market is ripe for a huge rally. Today, Oct 31, 2008 is a Halloween treat to all patient and hardworking chartists out there.

Chalco is very much in accumulation mode. This is a very bullish sign. Someone is accumulating. Good ticker readers and chartists can tell. Below is a 2-year daily chart of the stock showing that the stock is down to its last 10%. From a high of 26.00, it is currently trading between 2.60 and 2.96 range today. It hit a low of 1.90 last Monday (Oct 27,2008) and has been in a bullish mode ever since.

 

Recommendation: Buy the stock between 2.70 to 2.96.

Support: 2.70

Resistance: 3.60/6.00

Preferred Entry: 2.90 below

 

 

 

This is the 10 day 15 minute chart of 2600 HK. You can clearly see from the MACD that it is approaching near zero with the stock being bought between 2.70 to 2.90 range when the HK market fell 600 points. This is very bullish and is a sign, at least to me, that it is time to buy.

Disclosure: Author is long Chalco at an average price of 2.83

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