KraneShares Trust KraneShares CSI China Internet ETFArca
描述
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1. Price has drawn 2 diamonds (diamond in diamond) at the bottom of the increasing (purple) channel. Buy signal. 2. A cycle with a length of 756 days (25 months) is found, according to which the price is now at the bottom of the cycle. Buy signal. 3. All major oscillators and indicators are in oversold zones and give long signals. 4. It is necessary to remember about the resistance of the local downtrend (orange).
* At the same time, the fundamental background in China is still negative.
I entered a long position with a trailing stop loss below the lower edge of the small diamond. After breaking through and/or retesting the upper edge of a large diamond, and then after breaking through the orange resistance, I will buy more. In case the price falls, my trailing sell order will save me.
Now it looks like the beginning of The Broadening Formation (Megaphone Top):
1. This is a relatively rare pattern. 2. The volume tends to increase along the formation of the pattern. 3. This situation signals a market which is out of control. 4. It occurs when public participation is very high, especially at major market tops. It normally occurs at the end of major bull markets and is a bearish pattern.
I cut my stop loss level (raised it higher), he is already in good profit.
In addition to KWEB, I look at the CSI300 (Chinese analogy for the S&P500). There is a triangle, indicating the continuation of the downward movement. This also adds bearish feelings))
But, no one canceled the possibility that before the final development of the Diamond, he decides to retest his own resistance, which this time it will become support ...