Strategy:
Traders can look to buy between HK$8.45-HK$7.80 with a stop loss at HK$7.46. The 1st target price will be HK$9.50, 2nd target price at HK$10.10 and the 3rd target price at HK$10.77. 4th target price at HK$12.00.
Technical snapshot:
Lenovo’s uptrend remain intact and its price action further is likely to see another strong
upside:
- The bullish pennant is indicative of a potential continuation to the upside. The resistance at HK$8.66 is tested multiple times, making it vunerable.
- Prices has trend above all 5 indicators of the Ichimoku, signaling a strong bullish three golden cross.
- Stochastic oscillator is rising, indicating strong momentum.
- MACD histogram is rising and is above the zero line.