Gree is strong amid weak market, buy the dip!(China market)
Gree is world's largest residential air-conditioner manufacturer, headquartered in southern part of China. Personally, I've traded this stock since 2012(Familiarity bias). Look at the the weekly chart, it never firmed closed below the long-term MA since 2016.
On daily, it seems the consolidation was completed. I sold part of my position around 69 several weeks ago but bought back around 61 and 58. Now, I'm bullish.
My targets are 66 and 69 respectively. Be careful to mange the position. China market is a bit weak recently, due to the US10Y yield surge and strong dollar. I remembered stock and bond markets of Turkey got hit a few years back when US monetary policy started to tighten and dollar index began to rally!
It's a cycle which have been repeated a lot of times. This is no 'this time is different' moment. Be careful if you have positions in the emerging markets.
On daily, it seems the consolidation was completed. I sold part of my position around 69 several weeks ago but bought back around 61 and 58. Now, I'm bullish.
My targets are 66 and 69 respectively. Be careful to mange the position. China market is a bit weak recently, due to the US10Y yield surge and strong dollar. I remembered stock and bond markets of Turkey got hit a few years back when US monetary policy started to tighten and dollar index began to rally!
It's a cycle which have been repeated a lot of times. This is no 'this time is different' moment. Be careful if you have positions in the emerging markets.
Comment:
It's relatively strong compared to the broad market index. Stick to my original plan.
plan your trade and trade your plan
