JICPT| Kweichow Moutai reached attractive buy level as expected
Hello everyone. This is a follow-up post of my published idea titled 'Kweichow Moutai potential buying level of 1550' on July 28th. Back then, price was CNY 1768 per share. I guess a lot of Chinese investors doubted if it can fell to that level.
Now it sat at CNY 1550 and a lot of investors started to concern if there is much room to the downside.
In my opinion, the valuation became really attractive for me, though I observed huge sell orders from foreign institutions via the HK and Shanghai connect scheme.
On the daily chart, definitely it's still downtrend with no sign of reversal yet. On the weekly chart, it sat at a beautiful sweet spot place.
I will keep an eye on this level if any reversal pattern formed on the daily. It'll be a really nice place to buy. When everybody is scared and bearish on a particular stock, bullish buyers should wake up and have a further check.
Give me a like if you're with me.
Now it sat at CNY 1550 and a lot of investors started to concern if there is much room to the downside.
In my opinion, the valuation became really attractive for me, though I observed huge sell orders from foreign institutions via the HK and Shanghai connect scheme.
On the daily chart, definitely it's still downtrend with no sign of reversal yet. On the weekly chart, it sat at a beautiful sweet spot place.
I will keep an eye on this level if any reversal pattern formed on the daily. It'll be a really nice place to buy. When everybody is scared and bearish on a particular stock, bullish buyers should wake up and have a further check.
Give me a like if you're with me.
Comment:
Nice formation today. need more bullish candles to break the downtrend line.
Comment:
Reversal formation continues.
plan your trade and trade your plan
