COSCO Shipping (1919)
COSCO Shipping, according to the technical analysis report of RHB Research dated July 6, is eyeing to cross above the immediate resistance of HKD11.30. It is noticed the stock has been undergoing corrections lately, charting a series of “lower highs” with “lower lows”. If it continues to trade below the immediate resistance, the negative momentum may push it lower towards HKD10.30, followed by the subsequent support at HKD9.50. On the flip side, breaching above the HKD11.30 threshold may attract strong buying interest and lift the counter towards HKD12.30.
Shenzhou International (2313)
Meanwhile, according to the technical analysis report of RHB Research dated July 6, Shenzhou International’s upside movement was blocked by the HKD96 immediate resistance. It is observed the stock retreating recently to form a “lower high”, showing the bears have the technical advantage. If the negative momentum persists, the stock may retrace towards the next support at HKD85, followed by HKD79. However, if the momentum picks up again and lifts it above the immediate resistance, it is expected an upside extension towards the higher resistance at HKD104.
