China Coal Energy has jumped above the key resistance, and returned to an uptrend. In the latest session, the stock breached the HKD5.63 resistance on strong volume.
RHB Retail Research, in a note today (Sept 6), said the 21-day SMA line also curving upwards, which indicates that the trend is tilted towards the bulls.
The renewed positive momentum should propel the counter towards the HKD6 mark, followed by HKD6.30.
Conversely, falling below the HKD5.40 support will nullify the bullish structure and lead to the resumption of the correction phase.
Chinasoft International may extend its uptrend after it surged past the key resistance on high volume. The stock has climbed above the HKD5.40 resistance, forming a fresh “higher high”.
This, on top of the pick-up in trading volume, indicates that a strong bullish momentum is underway.
The stock should scale towards the next resistance of HKD5.80, followed by HKD6.20. On the flip side, falling below the HKD4.90 support will negate the bullish setup.
