1. PCCW (0008.HK) shows a very solid bottom at $4.20 since 2016. 2. $4.20 did not only show support on Aug 2003, Mar 2005, and Jan 2008 but also set a ceiling from 2008-2013. 3. An up day with strong volume on 27th May. 4. Dividend yield above 7% that suits for mid-run and range trading.
Trades: BUY at any price between $4.20 & $4.40. Upside Target: $4.80 (Actual range: $4.79-$4.86) Downside Stop: $3.95 (Critical support at $3.98)
Trade active
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Found support around $3.95.
Currently rebound to 21-week EMA.
Trades: Collect at any price above $3.95. Stop: Weekly closing below $3.90
I would like to know your current thoughts on this stock? Not much out there that discusses this name.
kenhungbiz
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Hi @pmorgan8, Thanks for reading my strategy and your comment. The strategy should be closed on Sept 1st when the price closed below stop level $3.90. For now, actually I still see 8.HK as a pretty good investment in long-run. In trading perspective, it is a 'buy' to me. Followings are what I have spotted and will keep an eye on. 1. Peak-to-latest-low was a 33% discount 2. 2 days ago (Nov 7) slightly closed above 9-day EMA, which is the best trend reference for 8.HK. 3. ROC, RSI, and MACD are all turning. 4. ROC broke its downtrend this week. 5. RSI came back up above 30 6. MACD showed a bullish crossing. 7. More importantly, the latest low was actually a touch on its downward channel All these above give a sign of better sentiment on 8.HK. But, it is just a sign. What it means to me is that, it is OK to speculate a turnaround based on the above; meanwhile, no convincing signal to buy aggressively yet. All after all, it is OK to buy at current price (above $3)