Bearish momentum for PetroChina?
Hi guys! Anyone looking at going for a sell for $PETROCHINA (00857.HK)$?
Price has been moving in a descending trendline and is below ichimoku cloud, which supports my bearish bias. However, i will only go in for a sell if price breaks through the level of support at 3.892 in line with the 50% fibonacci retracement and 61.8% fibonacci projection. There is a high level of barrier at the first level of resistance, 3.995, due to the area of confluence from the 78.6% fibonacci projection and 61.8% fibonacci retracment, which could result in a reversal.
sell entry: 3.8922![]()
take profit: 3.655![]()
stop loss: 3.995![]()
$PetroCH 5xShortSG231012 (DHZW.SG)$
$PetroCH 5xLongSG230331 (D00W.SG)$
Price has been moving in a descending trendline and is below ichimoku cloud, which supports my bearish bias. However, i will only go in for a sell if price breaks through the level of support at 3.892 in line with the 50% fibonacci retracement and 61.8% fibonacci projection. There is a high level of barrier at the first level of resistance, 3.995, due to the area of confluence from the 78.6% fibonacci projection and 61.8% fibonacci retracment, which could result in a reversal.
sell entry: 3.8922
take profit: 3.655
stop loss: 3.995
$PetroCH 5xShortSG231012 (DHZW.SG)$
$PetroCH 5xLongSG230331 (D00W.SG)$
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