Aluminium Corp of China
In RHB Retail Research’s technical analysis for Hong Kong -listed stock (dated Feb 8), it cited Alumunium Corp of China as this stock is staging a rebound, as bulls tried to wrest control of the stock. It retreated recently and managed to rebound from the support point of HKD4, which shows that the bulls still possess the technical advantage and the positive setup remains valid. If the momentum follows through, the stock should climb towards HKD4.40, followed by HKD4.80. On the flip side, falling below the HKD3.80 support would negate the bullish setup.
SITC International
SITC is in the midst of a consolidation, and may head towards a resumption of an uptrend. It has pulled back to retest the breakout point of HKD17. During the recent retracement, trading volume decreased – an indication of a tapering down in selling pressure. If it bounces off the HKD17 immediate support, it may climb to test the HKD18.60 level, followed by HKD20. Falling below the HKD16 support will attract strong selling pressure and kickstart the correction.
