Industrial and Commercial Bank of China Ltd (HKG:1398) Joins EBS Direct

Industrial and Commercial Bank of China Ltd (HKG:1398) Joins EBS Direct

Industrial and Commercial Bank of China Ltd (HKG:1398) Joins EBS Direct

  • Bank of China opened its Luanda branch in the capital city of Angola on Monday
  • The branch, the first Chinese bank in Angola, will start banking operations on June 6.
  • Chen Siqing, president of Bank of China, as well as some 300 representatives from the Chinese and Angola political, business and financial circle, attended the ceremony.
  • NEX Markets, a NEX Group business which provides electronic trading technology services in the fixed income and foreign exchange (FX) markets, announces today that Bank of China (Hong Kong) Limited, a mainstream bank as well as an integrated and regional financial group with roots firmly planted in Hong Kong for 100 years, will be joining the EBS Direct platform as a liquidity provider (LP), offering increased liquidity and improved pricing to clients on the platform globally, particularly those trading the offshore Chinese renminbi (CNH).
  • Agricultural Bank of China says Yuan Changqing resigns as chairman of board of supervisors​

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED is principally involved in the provision of banking and related financial services. The Bank mainly operates in corporate banking, personal banking and treasury businesses. Its corporate banking business provides loan, trade financing, deposit, corporate finance, custody and other related financial products and services to enterprises, government agencies and financial institutions. Its personal banking business provides loan, deposit, bank card, personal finance and other related financial products and services to individual customers. Its treasury business includes money markets, securities investments, self and valet foreign exchange trading and derivative financial instruments. In addition, it also provides insurance services and other financial related services.

Overall, the bias in prices is: Upwards.

Short term: Prices are moving.

Intermediate term: Prices are trending.

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

By the way, prices are vulnerable to a correction towards 5.08.

The projected upper bound is: 5.48.

The projected lower bound is: 5.20.

The projected closing price is: 5.34.

ICBC closed unchanged at 5.340. Volume was 6% above average (neutral) and Bollinger Bands were 19% wider than normal.

Open      High      Low        Close      Volume
5.320     5.350     5.300     5.340     269,844,832

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period          50-period           200-period
Close:                       5.24                    5.11                     4.89
Volatility:                16                        17                        23
Volume:                   313,604,672     255,993,632     263,692,496

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
ICBC is currently 9.1% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into 1398.HK (mildly bullish). Our trend forecasting oscillators are currently bullish on 1398.HK and have had this outlook for the last 13 periods.

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 75.3426. This is not an overbought or oversold reading. The last signal was a sell 0 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 67.62. 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 sell 1 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 106.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 24 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 buy 18 period(s) ago.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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