Ping An Insurance (2318.HK): Reversal Trading Opportunity
Published On: 1 December 2023, 2:43 PM | Donny Lew, Assistant Manager, Dealing
Key Entry Price Pivot(s):
•HK$32
Recommended Trade:
•Long at level HK$32, take profit at HK$50, stop loss at HK$29.
Alternative Case:
•Short above HK$50, take profit at HK$40, stop loss at HK$55
Remarks:
• Looking at the weekly chart of Ping An insurance, we can see that price has been in a downwards trend channel.
• Currently, price is moving toward the support at HK$32 and we can potentially look for a Reversal trade (double bottom) to long in a lower timeframe with confluence such as a bullish bar at the support level with significant volume.
