Xiaomi (1810.HK) – [ Big Up Move Came In, Can It Sustain? ]
Chart Source: Poemsview 5th Nov 2020
Xiaomi should be no stranger to most with most household having at least a xiaomi product. It could be their handphone, their robot vacuum or even their power bank which i own two of it! Xiaomi has recently been added to the HSI in July and since then did some retracement.
Back in Sept when it was trading at HKD$21 we also shared it with our clients sending the charts, plotting the potential support and resistance and letting them understand how we view the markets.
So fast forward to yesterday when Xiaomi saw a burst of energy when it finally broke out of its downtrend line of $22.90 and made a dash to our first resistance of $23.95. It even went on to $24.45 a good 6% run since the break and eventually settling just below our resistance line. If Xiaomi can now stay above $23.95 we might see it move up to $24.90 area! Fingers crossed! From the chart, good volume came in which is the highest for the last 1.5 months so this move up should be able sustain and hopefully meet our next resistance of $24.90.
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Yours
Humbly
Kelwin&Roy
