PetroChina (HKG:0857) Possible Price Correction Towards 5.25

PetroChina (HKG:0857) Possible Price Correction Towards 5.25

PetroChina (HKG:0857) Possible Price Correction Towards 5.25

Overall, the bias in prices is: Downwards.

Short term: Prices are moving.

Intermediate term: Prices are ranging.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 5.25.

The projected upper bound is: 5.11.

The projected lower bound is: 4.80.

The projected closing price is: 4.96.

PetroChina Company Limited

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 7 black candles for a net of 5 black candles. During the past 50 bars, there have been 15 white candles and 28 black candles for a net of 13 black candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 8.7219. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 41 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 27.91. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 95 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -172.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 8 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 3 period(s) ago.

Rex Takasugi – TD Profile

PETROCHINA closed down -0.030 at 4.960. Volume was 7% above average (neutral) and Bollinger Bands were 21% narrower than normal.

Open High Low Close Volume___
4.970 5.010 4.930 4.960 81,163,896

Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 5.13 5.26 5.17
Volatility: 17 19 44
Volume: 99,274,080 76,437,872 87,700,544

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary
PETROCHINA is currently 4.0% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of 0857.HK at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on 0857.HK and have had this outlook for the last 17 periods. Our momentum oscillator is currently indicating that 0857.HK is currently in an oversold condition.

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