Bullish Breakout

HENGYUAN is strongly bullish, supported by recent close above nearest resistance at 4.3 preceded by a Golden cross and significant movement above the downtrend line. Momentum building up seen on MACD adding our optimism for more upward movement towards Fibonacci target 2.618 at 7.65, coincides resistance level in 2018. However, the price will meet resistance at Fibonacci level 1.618 on the way up. On the flipside, closing price below 2.5 would push the price lower.

Disclaimer: The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.

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