Hong Kong Exchanges and Clearing is attempting to extend its technical rebound, knocking on the immediate resistance level.
RHB Retail Research Market Dateline said today (Dec 13) the stock recently bounced off the HKD240 support to chart a fresh bullish candlestick.
If it breaks past the HKD250 resistance, RHB expects a follow through price action to test the HKD265, followed by HKD280 levels.
On the downside, a fall below the HKD240 support would resume the bearish movement.
Sands China is eyeing a bullish breakout after testing the immediate resistance. The stock has crossed above the 21-day SMA line, showing that the bulls are getting stronger.
If it breaks past the HKD21.50 resistance level, we expect the stock to see further buying pressure. The momentum would propel the stock towards HKD23, followed by HKD24. A fall below the HKD20 support level, however, would kick off a correction phase.
