Thought on 03690 Meituan, a sell opportunity is expected.

Good day, traders!

We're sharing an idea for $MEITUAN-W (03690.HK)$ looking for the price moving in descending trend.

And there is our logic.

1.) The price is moving below the descending trendline on the H4 since the beginning of July 2022, and the price is below ichimoku cloud.

2.) The price is currently consolidating at 170.2

3.) We are looking the price drop from the 175 price level, where the overlap resistance is

4.) The take profit level is set at 157, where the previous swing low and 50% fibonacci retracement is.

Does anyone have a similar bearish view?

Trade Entry recommendations:

Sell Entry: 174.9

Take Profit: 157.1

Stop Loss: 185

Other tickers to recommend:

For 5x Long Leverage: $Meituan 5xShortSG220216 (DZXW.SG)$

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