Early Morning Trend | CANGGANGRAILWAY reduces volume and grinds the bottom, is the intraday fluctuation brewing a trend change?
CANGGANGRAILWAY (2169.HK) continued to consolidate at low levels last Friday, with the stock price fluctuating within the technical support range of HKD 0.75 to HKD 0.71. Overall market enthusiasm is low, and capital flow is becoming cautious and conservative. The infrastructure and railway transportation sectors have recently shown a clear lack of new positive news or policy stimuli, with funds focusing more on leading stocks and reduced participation in small-cap stocks. Technically, the MACD has continued to decline after a high-level death cross, creating a strong bearish atmosphere in the short term, with multiple moving averages still in a bearish arrangement, putting pressure on the stock price. The price has repeatedly tested the lower support, and some familiar with the wave patterns are attempting to seize the opportunity for a phase bottoming, but the trading volume has not seen effective expansion, failing to support a strong rebound. If the lower support is broken with increased volume, it may trigger a new round of inertia decline. Currently, the fundamentals lack new catalysts and can only rely on sudden industry or policy events to create short-term speculation points. The intraday volatility is limited, and attention should be paid to the advancement of macro infrastructure and related industry chain movements. The focus should be on a defensive strategy, with right-side trading suitable for layout after the trading volume warms up
CANGGANGRAILWAY (2169.HK) continued to consolidate at low levels last Friday, with the stock price fluctuating within the technical support range of HKD 0.75 to HKD 0.71. Overall market enthusiasm is low, and capital flow is becoming cautious and conservative. The infrastructure and railway transportation sectors have recently shown a clear lack of new positive news or policy stimuli, with funds focusing more on leading stocks and reduced participation in small-cap stocks.
From a technical perspective, the MACD has continued to decline after a high-level death cross, creating a strong short-term bearish atmosphere. Multiple moving averages remain in a bearish arrangement, putting pressure on the stock price. The price is repeatedly testing the lower support, with some familiar with the wave patterns attempting to seize opportunities for a phase bottoming, but the trading volume has not seen effective expansion, failing to support a strong rebound. If the lower support is broken with increased volume, it may trigger a new round of inertia downward.
Currently, the fundamentals lack new catalysts and can only rely on sudden industry or policy developments to create short-term speculative points. The intraday volatility is limited, and attention should be paid to the progress of macro infrastructure and related industry chain movements. The focus should remain on a defensive strategy, with right-side trading suitable for when trading volume warms up before making further arrangements
