$41 billion Chinese telco China Telecom (CHA) is the largest fixed-line operator in the People's Republic and one of the country's largest broadband and mobile service carriers. But that scale isn't sparing CHA from the bearish technical setup that's been forming in shares.
Right now, CHA is forming a descending triangle, the bearish counterpart to the ascending triangle pattern that's signaling a buy in Diageo right now. The descending triangle is formed by a horizontal support level that acts as a sort of floor for shares and a downtrending resistance level pushing lower overhead. The breakdown below support -- at $51 for CHA -- is the sell (or short) signal for shares.
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