Two Hong Kong Stocks with Strong Momentum: Alibaba, Xinyi Solar


RHB Research’s technical analysis report (date July 27) on the trading stocks of HKEX, according to the technical analyst, the e-commerce giant has seen its bullish momentum revive as it knocked on the door of the HKD105 immediate resistance. The stock staged a gap-up yesterday as strong momentum emerged. If it manages to break past the immediate threshold, it is expected follow-through momentum to lift it towards HKD110, followed by the HKD113.50 point. However, falling below the HKD100 support should see a resumption of the correction phase.

Xinyi Solar

Xinyi Solar is in the midst of extending its upside movement as it tested the HKD13.14 immediate resistance. The research house has observed the stock crossing above the 21-day SMA line recently – it is also rising higher on strong momentum. If the counter manages to break past the immediate resistance, it is expected the bullish momentum to propel Xinyi Solar towards the higher resistance at HKD13.80, followed by HKD14.30. Conversely, falling below the HKD12.50 support indicates a weakness in the momentum, giving rise to downside risks.

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