Hong Kong Exchange (388.HK) identified an ascending triangle breakout
Medion Jim December 22, 2020 10:57 AM
Hong Kong Exchange (388.HK) identified an ascending triangle breakout and recorded a historical high. Where is the next resistance level?
Hong Kong Exchange is beneficial from the comeback of China concept ADR stocks. In addition, the spin-off of mature stocks also helped to boost the IPO market, for example JD-SW (9618) separated its JD Health (6618) to list in HKEX. Recently, Morgan Stanley also selected Hong Kong Exchange as the focus list for 2021.
On a daily chart, the stock validated a bullish breakout of triangle pattern and recorded a new historical high. Currently, the stock is trading above both rising 20-day and 50-day moving averages. The RSI locates at 60s, suggesting the upside momentum for the prices. Bullish readers could set the support level at HK$378, while resistance levels would be located at HK$447 and HK$467.
Source: GAIN Capital, TradingView
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