For the past 5 weeks Xiaomi has shown a positive relative strength comparing to Hangseng index. The current price stand above ema 10 50 and 200 days representing a positive trend. It is forming a cup and handle pattern both in short and medium term trend. Positive momentum is likely to persist if the stock can break and stand above 13.28 Hkd.
Comment:
Volatility contraction pattern form follow by break out with volume. Once the stock can firmly stand above 14 Hkd upside is wide open.
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After weak hand shake down with light volume, Xiaomi finally break above 14 Hkd. At this price level there is no more significant resistance, potential upside is open.
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Ride the trend with Ema 50 viloation as profit trailing stop
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18.46 technical target almost hit
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Today exactly 18.46 hit. If you want to take some profit it is ok. Main trend still exist ride it well.
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Congratulations, we are almost at all time high!!! Trend remain very bullish. For those of you who wants to protect your profit a tight trailing stop is at 19.8. Good luck and god speed. ^-^
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Finally all time high has been reached. It's a matter of how you want to trail your stop profit. It has been a wonderful journey and i hope it will continue. Until next significance change or trailing stop has been hit, we shall meet again. Good luck and have a wonderful evening.
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Another handle is being form, if break out we could see some further more upside. For big trend trader, ema 50 rule is still intact.
Comment:
Time to lock in profit. I think that we have reached the end of wave 5 with ema 10 violation. It has been a very exciting journey sine June 3, 2020. I probably leave some position for long term investment. Until i see abc correction for wave 2, then we shall meet again. Cheers.
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Looks like consolidation period is almost finish. Keep a close watch when price stand above 27 again.