Semiconductor Manufacturing International
SMI according to the RHB Research attempted to extend its technical rebound, by knocking on the door of the HKD17 with immediate resistance. Observe that the stock underwent a correction as it fell below the 21-day SMA line. If it breaks past the immediate resistance and crosses above the moving average line, a bullish bias will emerge. In this case, the stock could climb towards HKD17.70, followed by HKD18.20. On the flip side, falling below the HKD16.30 support will nullify the research house’s expectations.
Melco International Development
Melco saw a bullish bias emerge after it crossed above the 21-day SMA line. Observe that the stock has been climbing higher recently on the back of strong momentum. If it manages to sustain above the breakout point of HKD5.50, the bullish momentum should propel it towards the next resistance pegged at HKD5.90, followed by HKD6.26. On the other hand, breaching below the HKD5.20 support indicates the bearish bias has emerged.
