Stock Technical indicators to notice in ICBC (ASIA) (UHK.SG)
1- Last bullish trend was from 2.57 $ (11/5/2010) to 2.88 $ (11/30/2010) a 0.31 $ move 2- The current bearish trend started from 2.88 $ at 11/30/2010 and is currently trading at 2.73 $.
4- UHK.SG current resistance level is at 2.76 which is the 38.20 % fibonacci retracement of the last 0.31 $ move.
5- According to ADX Indicator, the trend is currently strong bullish,which is becoming weaker.furthermore, the ADX indicator location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
ICBC (ASIA) (UHK.SG) Short term stock chart patterns for internet stock trading :
6- The Stock formed Double Top Pattern at 2.880 .
7- The Stock formed a 0.950 $ height triangle which was broken down at 2.790, target of the pattern is 1.840.
ICBC (ASIA) (UHK.SG) Mid term stock chart patterns for internet stock trading :
8- The Stock was supported by a support line, identified by two points: 2.570 and 1.920 that was broken down at 2.790 transforming into a resistance line.
ICBC (ASIA) (UHK.SG) Long term stock chart patterns for internet stock trading :
9- The Stock was supported by a support line, identified by two points: 2.570 and 1.560 that was broken down at 2.790 transforming into a resistance line.
Stock Trading Conclusion:
ICBC (ASIA) (UHK.SG) was trading in a strong bullish wave, which is becoming weaker .
Technical indicators and stock chart patterns show highly volatile movements favoriting bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy in online trading , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles in online trading. .
Stock Resistance Levels : 2.76, 2.77, 2.79, 2.81, 2.81, 2.82, 2.82, 2.85, 2.88, 2.88, 2.88.
Stock Support levels : 2.72, 2.69, 2.57, 2.49, 2.38,.
