HISENSE HOME APPLIANCES has crossed above the 21-day SMA line, and may resume its uptrend.
RHB Retail Research, in a note today (Aug 30), said the stock has charted a bullish candlestick and poised to test the immediate resistance of HKD21. A bullish breakout above the resistance will indicate that the bullish momentum has strengthened.
If this happens, the stock would travel towards the next resistance of HKD23, followed by HKD25. On the other hand, falling below the HKD19 support will form a “lower low” and kick off the correction phase.
CNOOC is also poised to stage a bullish breakout, testing the consolidation zone resistance on high volume. It has been consolidating sideways beneath the HKD13.10 resistance.
The trading volume has been increasing recently, which means the bulls are gaining traction. If it breaches the immediate resistance, the momentum would propel the stock towards HKD13.60, then HKD14.
On the flip side, falling below the HKD12.50 support would lead to the return of a bearish phase.
