Ping An Insurance (2318 HK):
Potential Entry Into Markup Phase
Ping An has almost complete a long Wyckoff accumulation and is now testing the HKD 60 resistance level. A strong close above 60 would confirm a Sign of Strength and begin a markup phase.
On Friday, Morgan Stanley added Ping An to its focus list, kept an Overweight rating, and raised its H-share target to HKD 89. The stock jumped over 6 percent on the news.
Short-Term Trade Setup
• Stop-loss: Close below HKD 54–55
• Targets: HKD 75–78, then HKD 85–89
Technical structure and the MS upgrade create a favourable setup for upside continuation.
http://www.aastocks.com/en/stocks/analysis/stock-aafn-con/2318/HK6/NOW.1488699/hk-stock-news
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