Above is the daily chart of China Construction Bank (0939.HK).
The price just broke out the green down-trend line which lasted for around 5 months. Such breakout signals a strong bullish trend.
Moreover, the orange Pitchfork indicates a more conservative movement prediction for the stock. The breakout of the green line also meant the breakout of the median line of the Pitchfork.
However, there is still one concern. The volume on breakout days didn't raise. This makes me feel bad and think this might be a weak breakout, which could not last long.
Nevertheless, if it drops, the Pitchfork and the down-trend line are considered supports now, which are at around 5.3 and 5.1.
Resistant is at around 5.6, the 38.2% fibonacci retracement level. The purple pitchfork is relatively steeper, we should take it as reference but not rely on it too much.
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