Swing: Long ICBC as EMs are Looking to Make a Comeback!
We had previously analysed both the China’s Index and Tencent.
Looking at ICBC Chart, there is a high probability trade setup and we will be looking to take advantage of it to gain some exposure to EMs.
What we like about this chart:
1. 5.12 region is a super strong support that gotten tested – touch and go, strong buyers came in to support and push the price up again
2. Our EP of 5.69, coincides with a prior resistance turned support region
3. Prior consolidation before strong up move, shows hidden buying activities at this level
4. Price action broke through both 50 and 200EMA with relative ease
Our trade setup will be:
EP: 5.69
SL: 5.31
TP: 6.32
Note: If risk is too wide, please adjust the other variable: your lot size
Best Regards,
NourCapital - Tracking Smart Money Flow
Disclaimer:
The material (whether or not it states any opinions) is for educational purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by Nour Capital or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Looking at ICBC Chart, there is a high probability trade setup and we will be looking to take advantage of it to gain some exposure to EMs.
What we like about this chart:
1. 5.12 region is a super strong support that gotten tested – touch and go, strong buyers came in to support and push the price up again
2. Our EP of 5.69, coincides with a prior resistance turned support region
3. Prior consolidation before strong up move, shows hidden buying activities at this level
4. Price action broke through both 50 and 200EMA with relative ease
Our trade setup will be:
EP: 5.69
SL: 5.31
TP: 6.32
Note: If risk is too wide, please adjust the other variable: your lot size
Best Regards,
NourCapital - Tracking Smart Money Flow
Disclaimer:
The material (whether or not it states any opinions) is for educational purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by Nour Capital or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.