Bearish momentum for China Construction Bank?
hi guys! anyone thinking of going short for $CCB(00939.HK$?
price is below ichimoku cloud which supports my bearish bias and the support level at which i intend to go short at 5.56 is in line with 100% fibonacci projection and the 38.2% fibonacci retracement, which suggests that there is high levels of barrier and a price reversal is possible. I will probably place my take profit at the 5.45 level just below the confluence area between the 61.8% fibonacci projection, 23.6% fibonacci retracement and 38.2% fibonacci retracement.
sell entry: 5.56
take profit: 5.45
stop loss: 5.64
price is below ichimoku cloud which supports my bearish bias and the support level at which i intend to go short at 5.56 is in line with 100% fibonacci projection and the 38.2% fibonacci retracement, which suggests that there is high levels of barrier and a price reversal is possible. I will probably place my take profit at the 5.45 level just below the confluence area between the 61.8% fibonacci projection, 23.6% fibonacci retracement and 38.2% fibonacci retracement.
sell entry: 5.56
take profit: 5.45
stop loss: 5.64
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