$1398.HK #Industrial #Commerical #Bank #HongKong #HSI #Stocks
Industrial and Commercial Bank of China
To accelerate the rollout of the digital yuan, the People’s Bank of China (PBoC) has partnered with over 20 companies in the country to test it in the real world.
The central bank first inked partnerships with four state-owned banks – Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China, and Bank of China – three telecom companies – China Telecom, China Mobile, and China Unicom – and tech giant Huawei.
The banks also converted a part of their central bank deposits into digital currencies and identifying sectors to push the digital currencies. They also have developed and tested the wallet platforms needed to store the digital currency.
The real-world testing was first initiated with the distribution of partial salary of the state employees in four cities – Shenzhen, Suzhou, Chengdu, and Xiong’an – in May.
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED is a China-based company principally engaged in the provision of banking and related financial services.
The Bank mainly operates three segments, including Corporate Banking segment, Personal Banking segment and Treasury segment. The Corporate Banking segment provides loan, trade financing, deposit, corporate finance, custody and other related financial products and services to enterprises, government agencies and financial institutions.
The Personal Banking segment provides loan, deposit, bank card, personal finance and other related financial products and services to individual customers.
Treasury segment includes money markets business, securities investment business, self and valet foreign exchange trading and derivative financial instruments business.
The Company conducts its businesses within domestic and overseas markets.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 4.98.
The projected upper bound is: 4.90.
The projected lower bound is: 4.42.
The projected closing price is: 4.66.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 1 white candles and 8 black candles for a net of 7 black candles. During the past 50 bars, there have been 16 white candles and 33 black candles for a net of 17 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 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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 15.2777. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 6 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 34.53. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 18 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 -114.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 3 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 9 period(s) ago.
Rex Takasugi – TD Profile
ICBC closed down -0.040 at 4.670. Volume was 27% below average (neutral) and Bollinger Bands were 42% wider than normal.
Open High Low Close Volume___ 4.770 4.770 4.660 4.670 176,260,800
Technical Outlook Short Term: Oversold Intermediate Term: Bearish Long Term: Bearish
Moving Averages: 10-period 50-period 200-period Close: 4.78 4.98 5.36 Volatility: 15 30 29 Volume: 173,675,584 239,060,016 223,520,304
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.
ICBC is currently 12.8% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.
Our volume indicators reflect volume flowing into and out of 1398.HK at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on 1398.HK and have had this outlook for the last 10 periods. The security price has set a new 14-period low while our momentum oscillator has not. This is a bullish divergence.
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