MGM China
This counter is poised to extend its upwards movement after breaching the HKD4.30 immediate resistance on strong volumes, according to RHB Research’s technical analysis report (September 21). Since crossing above the 21-day SMA line, the stock has been charting a series of “higher highs” with “higher lows”, showing that the bullish momentum is now gaining traction. Tracking on this growing momentum, the counter should climb towards HKD4.50, followed by HKD4.70. Conversely, falling below the HKD4 support will negate the positive expectation.
KE Holdings
While KE Holdings is attempting to stage a bullish breakout, testing the HKD50 immediate resistance on high trading volume. The stock underwent a mild correction recently and bounced off the 21-day SMA line. If the counter breaks past the resistance, this should improve market sentiment, lifting KE Holdings towards HKD54, followed by HKD57. On the flip side, falling below the HKD44 support will signal that a bearish bias has emerged.
