Drop in Bank stock? (21-11-2009 ICBC analysis)

Stocks in Banking Industry have been dropping greatly these few days after crazy rise in the past month. It seems that the industry is under correction. The below graph is the analysis on ICBC 1398.HK. We can see that after touching the middle uptrend line, the price went downwards, breaking-through the 10-day moving average and aiming at the lower uptrend line.



The first support is at the 20-day moving average which is $6.6. And the second support would be at $6.5 which is the lower uptrend line. The strategy is that if the price reaches 6.6, you can buy in the stock, but not with all the amount you are willing to invest, as some can be left to buy if the price fell till 6.5. Afterwards, some should be sold at around $6.9 to lock profits and we can anticipate a much higher rise till around $7.5, which was the previous highest point in 2007 Q4.