China Mobile Wave Analysis – 29 June, 2020

• China Mobile broke out of the sideways price range

• Likely to fall to 32.15

China Mobile recently broke below the support level 34.00 (lower boundary of the narrow sideways price range inside which the price has been trading from May).

The breakout of the support level 34.00 continues the active short-term impulse wave 3 – which is a part of the medium-term impulse wave (3) from the start of June. China Mobile is likely to fall further toward the next support level 32.15 (likely price for the completion of the active impulse wave 3).