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Shenzhen O-film Tech ST: the RSI is overbought
Trading Central | 2019-02-12 09:23:00

Alternative scenario: the downside breakout of 10.3 would call for 9.4 and 8.9.

Our pivot point stands at 10.3.

Our preference: the upside prevails as long as 10.3 is support.

Alternative scenario: the downside breakout of 10.3 would call for 9.4 and 8.9.

Comment: the RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day MA (respectively at 9.56 and 9.93). Finally, Shenzhen O-film Tech has crossed above its upper daily Bollinger band (11.09).

Supports and resistances:
14.5 **
13.9 *
13.3 **
12.7
11.55 (CNY-last)
10.7
10.3 **
9.4 *
8.9 **

Head of Research at TRADING CENTRAL: Rémy GAUSSENS

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Written on 02-12-2019 at 10:23 UTC+1
Price reference: 11.55 last known on 02-12-2019 at 10:23 UTC+1
Investment horizon: ST

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