PetroChina is eyeing to resume its bullish movement after staging a rebound from the 21-day SMA line. The stock recently underwent a correction and found support near the moving average line.
RHB Retail Research, in a note today (Aug 2), said if the counter climbs above the HKD5.80 resistance, a bullish bias will emerge.
In this case, the momentum may lift PetroChina towards the next resistance pegged at HKD6.10 and followed by HKD6.40. On the downside, falling below the HKD5.50 support will set off the bearish phase.
TravelSky Technology saw a bullish setup being confirmed after it broke past the resistance on strong volumes.
The stock has breached past the HKD15 resistance to form a “higher high”, firming its position above the 21-day SMA line – suggesting the counter has completed its consolidation and is poised to extend the upside movement.
Riding on the momentum, TravelSky Technology should climb towards HKD16, followed by HKD17. If it retreats below the HKD14 support, this negates the bullish setup.
