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mchongmy
wrote a post05/20 13:59
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Bearish momentum for PetroChina?

Hi guys! Anyone looking at going for a sell for $PETROCHINA(00857.HK)$?

Price has been moving in a descending trendline and is below ichimoku cloud, which supports my bearish bias. However, i will only go in for a sell if price breaks through the level of support at 3.892 in line with the 50% fibonacci retracement and 61.8% fibonacci projection. There is a high level of barrier at the first level of resistance, 3.995, due to the area of confluence from the 78.6% fibonacci projection and 61.8% fibonacci retracment, which could result in a reversal.

sell entry: 3.8922Smile
take profit: 3.655Drool
stop loss: 3.995Cry

$PetroCH 5xShortSG231012(DHZW.SG)$
$PetroCH 5xLongSG230331(D00W.SG)$
Bearish momentum for PetroChina?
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