Weak Buy Signal | Hong Kong Land Holdings Limited
Hi guys, here’s an update of my opinion of Hong Kong Land Holdings share price which I hardly ever cover.
As we can see from the chart, Hong Kong land is seeing an upwards momentum in the share price and shown by the movement of the exponential moving averages (EMAs) squeezing upwards. This upwards squeezing of EMA lines is complemented by the crossing of the MACD from the bottom upwards which is a bullish signal.
The two primary risks I see is the potential contagion effect of weak or sideways markets and the weak volume yesterday that could adversely affect this call.
I would open a small long position to capture the upside with support at $6.85. The small position is generally to mitigate risks. In this downwards environment, there is likely to be little to no opportunity for buys in the short-term and we might need to see how the market is feeling to decide its path.
Cheers & Good Luck