hi guys! anyone thinking of going short for $CCB (00939.HK)$?
price is below ichimoku cloud which supports my bearish bias and the support level at which i intend to go short at 5.56 is in line with 100% fibonacci projection and the 38.2% fibonacci retracement, which suggests that there is high levels of barrier and a price reversal is possible. I will probably place my take profit at the 5.45 level just below the confluence area between the 61.8% fib...

The poster child of China's property crisis China Evergrande Group was officially declared in default by credit rating agency S&P Global on Friday after the sprawling firm missed a bond payment earlier this month. After Evergrande announced that it may not be able to meet all of its financial obligations, the crisis-hit firm defaulted on some of its overseas bonds. It has now reportedly entered a debt restructuring process with Chinese authorities that may include the sale of some of its founder's personal assets.
China will focus on supporting “quality” property developers to acquire real estate projects of large companies faced with risks and difficulties, PBOC-backed Financial News reported, citing a notice from the central bank and the banking regulator. The regulator encourages banks to provide property project loans in an appropriate, orderly manner, according to the report. China also supports quality developers selling debt instruments in the interbank market to fund project acquisitions. The PBOC and state-asset regulators held a meeting recently with some large private and state-owned real estate companies to encourage them to acquire quality projects from distressed developers. The acquisitions should be conducted in a market-oriented and law-based manner.
The Chinese government has been focused on ensuring developers deleverage in the past five years, and highly leveraged firms will look to dispose of assets, presenting for onshore capital, investment and fund managers.
Key Developments:
1)China Regulators Encourage Property Project Acquisitions: Report
2) Evergrande Boss Leads $46 Billion Wealth Loss in Worst Year Yet
3) China Regulators in Talks With Shimao, Trusts on Loan Extension
4) Sunac China Sells Three Projects for 2.68b Yuan: 21st Herald
5)Shimao's H.K. Disposal at a Loss May Imply Liquidity Woes: React
$CCB (00939.HK)$
If you wish to leverage on this consider using DLCs,
5 x short $CCB 5xShortSG220225 (DWBW.SG)$
5x long $CCB 5xLongSG240807 (DWCW.SG)$

For weeks, global markets have been watching the struggles of China Evergrande Group, a teetering real estate giant weighed down by US$300 billion or more in obligations that just barely seemed able to make its required payments to global investors. 3 days after a deadline passed leaving bondholders with nothing but silence from the company, a major credit ratings firm declared that Evergrande was in default. But instead of resolving questions about the fate of the Chinese behemoth, the announcement only deepened them. The firm, Fitch Ratings, said in its statement that it had placed the Chinese property developer in its "restricted default" category. The designation means Evergrande had formally defaulted but had not yet entered into any kind of bankruptcy filing, liquidation or other process that would stop its operations.
It is the nature of that next step - bankruptcy, a fire sale, or business as usual - that remains unknown. In the United States and many other places, bondholders could push an unwilling company into some form of reorganisation, usually in court, and divvy up the pieces. That may still happen. But Evergrande is faltering in China, where the Communist Party keeps a firm hand on corporate meltdowns to keep them from spreading out of control. With Evergrande, the risk is high: A sudden unwinding of the company could hit the country's financial system or, potentially, the many homeowners in China who have already paid for Evergrande apartments that are yet to be built.
The Politburo, China’s 25 most-senior political leaders, met on Monday and issued a communique that suggested there would be an easing of curbs on the real estate industry. That could help revive a market that saw home prices fall for the first time in six years in September, followed by an even bigger decline in October. Just as the deadline for Evergrande’s bond payments was ticking down late on Monday, China’s central bank announced it was cutting how much the country’s commercial lenders would have to set aside as reserves. By doing so, 1.2 trillion yuan, or about $190 billion, would be released into the economy.
If you wish to leverage on this consider using DLCs,
$CCB (00939.HK)$
5x short $CCB 5xShortSG220225 (DWBW.SG)$
5x long $CCB 5xLongSG240807 (DWCW.SG)$

Hey all ! Check out $CCB (00939.HK)$ ~ I can see that prices are abiding to a descending trendline resistance. I am expecting price to drop from pivot level in line with 23.6% Fibonacci retracement and 61.8% Fibonacci projection towards take profit level in line with 161.8% Fibonacci retracement and 127.2% Fibonacci projection. My bearish bias is further supported by price holding below the Ichimoku cloud and it is forming a strong resistance level.
Potential Pivot level@5.20
Potential Take Profit level@4.95
Potential Stop Loss level@5.30
$CCB 5xShortSG220225 (DWBW.SG)$
$CCB 5xLongSG240807 (DWCW.SG)$