Yu Kwan Lung: PING AN (02318) buy$59.8, target:$64.5, stop:$58.5

AAFN - Top News

2012-06-27 10:00:34

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Yu Kwan Lung, independent analyst, said reading from the trend of the share price, 10-day moving average is now at $60.7. 50-day moving average is at $60.25. It sets to test the resistance at 50-day line as it gains momentum. Meanwhile, RSI-14 is 51. It jumps over the 50-mark level, which unveils buying signal.

Analyzing the share price movement, the previous high ( 3/5/2012 ) is at $67.5 and the recent low ( 4/6/2012 ) is $53. Measuring from the recent low, Fibonacci 0.382 retracement is $58.53. 0.500 rebound from the recent low is at $60.25. 0.618 retracement is at $61.96. It poises to recoup the 0.5 retracement, and heads towards 0.618 retracement.

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