EDU: BOTTOMING PATTERN & GAP FILL PLAY
EDU (Chinese stock):
I'm bullish Chinese stocks in general but I really do like the look of EDU.
A few reasons to keep a good look on EDU:
- price is now above all the moving averages on the daily chart;
- price is getting back above the Ichimoku cloud;
- there is a huge gap between $29.70 and $57.34;
- the weekly chart chart has the look of an inverted head and shoulders (but not really perfect).
Has EDU found a bottom? It looks like it.
Can we fill that gap? Not sure. However the chart looks promising.
The next resistance is at 29.70. If we cross 29.70 I would expect the price to accelerate to the next resistance of 50.27, then potentially fill the gap.
If we see weakness in the coming days, the next supports are at 24 and 22.
I would wait for the price to cross 29.70 before initiating a long position. My 1st target will then be around 50, my second target will be at 57.
Trade safe!
(This is no financial advice. Technical analysis is given to help you make your own decision. As always place a stop loss when you enter the position, and do not ignore risks of delisting for Chinese ADRs).
I'm bullish Chinese stocks in general but I really do like the look of EDU.
A few reasons to keep a good look on EDU:
- price is now above all the moving averages on the daily chart;
- price is getting back above the Ichimoku cloud;
- there is a huge gap between $29.70 and $57.34;
- the weekly chart chart has the look of an inverted head and shoulders (but not really perfect).
Has EDU found a bottom? It looks like it.
Can we fill that gap? Not sure. However the chart looks promising.
The next resistance is at 29.70. If we cross 29.70 I would expect the price to accelerate to the next resistance of 50.27, then potentially fill the gap.
If we see weakness in the coming days, the next supports are at 24 and 22.
I would wait for the price to cross 29.70 before initiating a long position. My 1st target will then be around 50, my second target will be at 57.
Trade safe!
(This is no financial advice. Technical analysis is given to help you make your own decision. As always place a stop loss when you enter the position, and do not ignore risks of delisting for Chinese ADRs).
Trade active:
EDU just broke 30. Long trade activated.
Trade active:
I have a good feeling about this one
Trade active:
Taking partial profit and letting the rest run here.
Might re enter if corrects a bit
Might re enter if corrects a bit
RSI overbought.