Ping An Insurance (2318.HK): On the verge of a breakoutPublished On: 1 Apr 2021, 5:00 AM | Alex Lee, Dealer
- As shown in the daily chart, Ping An Insurance has been trading within the consolidation of the symmetrical triangle formation and is on the verge of a breakout.
- Currently, price is testing the support of the symmetrical triangle at HKD 92.50. If price closes below that key level, we can expect price to extend towards the 38.2% Fibonacci level at HKD 90.50. Further downwards momentum may be seen upon the break of the 38.2% Fibonacci level and may send price plummeting down to the 50% Fibonacci level at HKD86.00.
- However, if price rejects the support of the symmetrical triangle, we can expect price to continue consolidating within the triangle formation until a breakout occurs. A break above serves as an indication that the momentum has shifted and is poised to the upside. We can then expect price to test the HKD103.50 resistance level.
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