Today we'll analyze the Stock cht for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 23.67$ (03/10/08) to 25.06$ (03/11/08) a 1.39$ move
2- The current bearish trend started from 25.06$ at 03/11/08 and is currently trading at 24.40$.
3- The stock current support level is at 24.36 which is the 50.00% fibonacci retracement of the last 1.39$ move.
4- The stock current resistance level is at 24.53 which is the 38.20% fibonacci retracement of the last 1.39$ move.
5- The Stock formed Double Top Pattern at 25.06.
6- The Stock formed a 5$ height triangle which was broken down at 24.4 in higher than usual volume, target of the pattern is 19.4.
7- According to ADX, the trend is currently strong bullish,which is becoming weaker.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Conclusion:
cht is currently trading a strong bullish wave, which is becoming weaker .
Technical indicators and chart patterns show highly volatile movements favoriting bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
.
Resistance Levels: 24.53, 24.56, 24.65, 24.73, 24.73, 24.76, 24.81, 25.05, 25.06, 25.06.
Support Levels: 24.36, 24.20, 23.67, 23.29, 22.81, 19.40,.
We Moved!!
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Thursday, March 20, 2008
Chunghwa Telecom Co., Ltd. (ADR) (CHT) Technical Analysis
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Shadi
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