Stock Of The Day / 12.09.24 / FUTU
12.09.2024 / FUTU
Fundamentals. Positive catalyst in Chinese stocks amid positive news from the Chinese government.
Technical analysis.
Daily chart: pullback on an uptrend. The nearest daily level 109.37 is ahead.
Premarket: Gap Up on increased volume.
Trading session: The price forms a tightening to the level 101.00 after a strong non-pullback growth from the opening of the session. Around 12:00 a.m., there is an attempt to break the tightening structure in continuation of the initial uptrend with the aim of updating the high of the day 105.00. The attempt was unsuccessful, the high of the day could not be updated and the price continued to tighten to the level of 101.00. We can consider a counter-trend trade in the second half of the trading session, considering that the general direction of the market on this day is short. There were two unsuccessful breakdown attempts at 2:12 p.m. and 2:26 p.m. which is not result in updating lower highs, confirming the strength of sellers.
Trading scenario: breakdown (break of base) of level 101.00
Entry: 100.82 aggressive entry below the lower low after an unsuccessful attempt to update lower high. We do not expect a retest because breaking the base is usually accompanied by a strong impulse movement.
Stop: 101.25 we hide it behind the last lower high.
Exit: Close the position around 98.56 when several long candles appear in a row on increasing volumes at the end of the session.
Risk Reward: 1/5
Fundamentals. Positive catalyst in Chinese stocks amid positive news from the Chinese government.
Technical analysis.
Daily chart: pullback on an uptrend. The nearest daily level 109.37 is ahead.
Premarket: Gap Up on increased volume.
Trading session: The price forms a tightening to the level 101.00 after a strong non-pullback growth from the opening of the session. Around 12:00 a.m., there is an attempt to break the tightening structure in continuation of the initial uptrend with the aim of updating the high of the day 105.00. The attempt was unsuccessful, the high of the day could not be updated and the price continued to tighten to the level of 101.00. We can consider a counter-trend trade in the second half of the trading session, considering that the general direction of the market on this day is short. There were two unsuccessful breakdown attempts at 2:12 p.m. and 2:26 p.m. which is not result in updating lower highs, confirming the strength of sellers.
Trading scenario: breakdown (break of base) of level 101.00
Entry: 100.82 aggressive entry below the lower low after an unsuccessful attempt to update lower high. We do not expect a retest because breaking the base is usually accompanied by a strong impulse movement.
Stop: 101.25 we hide it behind the last lower high.
Exit: Close the position around 98.56 when several long candles appear in a row on increasing volumes at the end of the session.
Risk Reward: 1/5
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