MTCPY trade ideas
MTR Corp heading for renewed sell-offContinued downside pressure is heading for more sell-off based on the technicals indicated although the stock had a strong rebound in late March 2020:
1. The stock upside rebound was capped at the resistance turned support level at 42.55 and forming a bearish engulfing candle.
2. The bearish engulfing rejects the 50% simple moving average and closes below the 61.8% of the Fibonacci level from 45.85-37.95.
3. Death cross is still valid as prices has been trending below the 200 and 50 Simple moving average.
4. Stochastic shows oversold bearish cross over above the 80 oversold zone.
The Story of MTR Corp Hong KongSince finding a bottom near $43 in November it has formed a higher low around $45.
A rebound could be happening soon after Month long consolidation since 12 Dec 2019.
Targets $47, $50, $55, stop loss below $44.8
