China Literature is ready to extend its bullish pathway after breaking past a key resistance level.
RHB Retail Research said in a note today (Jan 15) that the stock jumped above the HKD30 resistance on strong volume, showing that market sentiment is positive on Friday. The stock should continue charting “higher high” candlesticks, testing the next resistance levels pegged at HKD32, followed by HKD35.
Meanwhile, a fall below the HKD26.90 support would invalidate the bullish breakout, leading to downward movement.
CSSC Offshore & Marine Engineering is attempting to extend its bullish movement and testing the immediate resistance level at HKD11.
RHB observed that the counter has been charting a series of “higher highs” and “higher lows” since crossing above the 21-day SMA line.
A bullish breakout at the HKD11 mark would open the doors for the stock to ascend towards HKD11.50, followed by HKD12.50. If it falls below the HKD10.40 support level, the bullish expectation will be nullified.