Hong Kong Viable Stocks – Cloud Music, MGM China

Cloud Music is touching the immediate resistance and eyeing to extend the upside movement.

RHB Retail Research said today (June 21), they observed that the stock has crossed above the 21-day SMA line, suggesting the resumption of the bullish phase.

A breakout above HKD88 will confirm a bullish bias has emerged. In this case, expect a follow-through positive price action to test HKD93, followed by HKD98.

On the other hand, falling below the HKD81 support would nullify the expectation.

MGM China is poised to stage a bullish breakout while testing the HKD9.80 resistance on high volume.

Since crossing above the 21-day SMA line, the stock has printed “higher highs” with “higher lows”, which shows that a strong bullish momentum is in play.

If the stock breaks past the HKD9.80 resistance, it should continue to travel towards HKD10.20, followed by HK10.80.

Towards the downside, breaching below the HKD9 support would indicate the resumption of a bearish phase.

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