Technical Analysis: 7 March 2022
United States | Singapore | Hong Kong
United States
Barrick Gold Corporation (GOLD US)
- Shares are poised to form a cup pattern.
- RSI >70, indicating overbought levels. Shares are due for correction/consolidation soon. However, MACD remains constructive.
- Long – Entry 23.51, Target 25.41, Stop 22.65
Vale S.A. (VALE US)
- Shares formed a cup pattern and closed above the 5dMA on Friday.
- RSI >70, indicating overbought levels. Shares are due for correction/consolidation soon. However, potential upside remains, in tandem with iron ore futures.
- MACD remains constructive.
- Long – Entry 19.36, Target 23.03, Stop 17.87
SINGAPORE
OCBC (OCBC SP)
- Key support at the 23.60% Fib of 11.56 is holding up well, as selling volumes start to ease.
- RSI has bottomed from oversold levels while MACD is still in a bearish momentum. Shares are now at the upper band of the accumulation zone for investors to enter.
- Long – Entry 11.55, Target 12.22, Stop 11.23
Halcyon Agri (HACL SP)
- Shares have formed the bullish “cup and handle” chart pattern.
- However, shares are likely to consolidate at this level for some time given that momentum indicators are slightly bearish.
- Long – Entry 0.26, Target 0.295, Stop 0.245
HONG KONG
PetroChina Company Limited (857 HK)
- Shares are edging up with rising volumes. The stock has been trending upward.
- MACD is about to turn positive, and RSI is constructive.
- Long – Entry: 4.20 Target: 4.60, Stop: 4.00
COSCO SHIPPING Holdings Co., Ltd. (1919 HK)
- Shares have formed an inverted head and shoulder pattern. The stock also formed a bullish flag pattern over the past two trading days.
- MACD is constructive, while RSI is at an overbought level.
- Long – Entry: 17.0, Target: 18.7, Stop: 16.1
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