Perfect support on the POC, now sets up a break of downtrend and return to major pivot.
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I am making this play off technicals.
A channel trend line test and also a heavy fib support of the 382 supporting price.
382 and 618 targets above are labeled.
I am keeping a close eye to China media on updates.
They say, never try to catch a falling knife but here we are.
Chinese growth names like BABA, BIDU, JD, TENCENT, have been destroyed in past weeks and months, while US indices stay high in the sky. Will the spread between Chinese tech and US tech slow/stop or reverse? Some of the Chinese names look attractive growth wise compared to the premium prices in US tech. Time will tell.
The index is designed to measure the stock market performance of the investable universe of China-based listed companies whose core business or businesses are in the Internet and Internet-related sectors, and are listed outside of mainland China.
-98% Asia Emerging
-58% Large Cap Growth
-YTD -43% YTD
-Dividend Yield 0.50%
I think it's either the bottom or very close to it. Worth taking a punt here, risk 3 average ranges down and go for the gold .
Let's see how this one works out, I'm not risking big on China overall, but from a contrarian standpoint it is really interesting as to pass on it here. It will be more confirmed once the daily chart flashes a bottom signal, this would...
As said in previous Chinese tech stock analysis, I am looking forward to adding big Chinese tech names during this crisis. In my opinion, the crackdown does not impose long term threat to these massive companies. China treats them as the only child, just beating them up when they get naughty.
$BABA $PDD $JD are my targets. Although they all move together,...
☝ KWEB - ETF of Chinese tech giants. It is traded on ARCA, but managed by a Chinese bank, so there is no threat of delisting.
Price is at the bottom of the channel. Most likely it will be a bottom and there will be a reversal up at least 50% towards the resistance line of $70 by February 2022. The upcoming bullish reversal is confirmed by the MACD-histogram,...
China Internet (KWEB) - Most Oversold Since 2013. Opportunity To Phase In?
The fallout may be providing opportunity for a small long position.
Some of the drivers:
- 7-week RSI at the lowest level since 2013. Reading of 11.
- Price at lower boundary of 200-week linear regression channel.
- Back-test of May 2020 breakout level.
At $47.65, the sharp decline...
This was what one of my followers from Singapore told me. I am not surprised not upset considering the slew of negative news (more to come) hitting the headlines.
From making profits to suffering losses of 20-50% of their portfolio, I can well relate and understand the sentiments as an investor!
Ok, let's put aside the emotions for a while and try to see things...
Extreme bearish sentiment at $46 support? Looks due for a bounce to me. First upside target $66 and then $76. Unlikely to make it much higher than $76.
Watch for reactions to price action on key dates and levels on the chart.
It has been a rough year here for Chinese stocks but after this recent weeks acceleration lower it feels like we're entering at least some type of short-term capitulation washout.
Extension outside multiple time frame Bollinger Bands
Speed of sell off
Definitely a fierce counter-trend trade for more experienced traders that can manage...