indicators.
According to the chart above. CCB (HK:939) is currently in an uptrend. The ascending channel
extending form $5 to $6. Because there is a big gap in the price pattern between $5.65 to 6.
The resistance at $6 level is extremely high (This may due to the psychological factors of the
market participants). The most recent price movement of the CCB is the correct from $6 to
$5.62. This price movement seemingly break the recently formed ascending price channel.
If this is the case, the stock price may fall back to the support level of around $5. However,
this movement may also be redefining the bottom of the ascending price channel. Therefore,
we have to wait for some days to see the price development of the market. If the ascending
price channel is still in effect, then the price resistance is $6. If the price break out $6 the next
level of price resistance will be at $6.6.
Thank you for reading my blog.
I will share more insight in the future.
Alan Lee
BA (Honour) in Economics
University of Alberta
CFA Level 2 Candidate
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