China Mobile is a stock I bought this morning and thought I’d pop it up as a + update for anyone interested in looking into it. I’ve been watching the daily chart for a week or so and thought I’d missed it when the stock popped on Friday. Today it has pulled back to within the would-be bottoming pattern. MACD is heading toward a positive position and RSI looks good.
The weekly and monthly charts are quite frankly, less inspiring. I originally looked into the stock as I was thinking about how sound China and Asia markets have looked in relation to other markets lately and I checked out the top holdings within Templeton’s Dragon Fund (TDF). CHL was one of them, I saw the daily daily pattern and… voila, here it is.
Consider this a low priority update from a charting perspective but at least the monthly chart offers a clear stop loss point, which would be below the black dotted trend line and very clear lateral support.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.