Semiconductor Manufacturing International has staged a bullish breakout, surging past the HKD24 resistance on high volume.
RHB Retail Research Market Dateline said today (Nov 6) that the trading volume has increased in tandem with the share price that is moving upwards – confirming strong bullish momentum is underway.
The bulls are setting its sights to test the next resistance at HKD26, followed by HKD28.
On the other hand, breaching below the HKD22 support will nullify the bullish structure.
Lenovo is poised to extend the positive price action after breaking past the resistance on strong volume.
RHB observed that since climbing above the 21-day SMA line, the stock has been charting a series of “higher highs” – showing the bullish setup is in effect.
After the breakout, the stock should travel towards the next resistance at HKD10, followed by HKD10.60.
On the flipside, falling below the HKD8.60 support will kick off the bearish phase.