China Life Insurance has undergone a bullish breakout, and is eyeing an extension of its uptrend.
RHB Retail Research’s Market Dateline said today (May 6) the stock has climbed above the HKD10.50 resistance to confirm a bullish setup.
The latest “higher high” bullish candlestick, coupled with high volume, indicates that the bullish momentum is strong.
Riding on the momentum, the stock should travel towards HKD12,followed by HKD14.
On the other hand, falling below the HKD9.50 support would negate the bullish setup.
Weibo could undergo a bullish breakout and test the immediate resistance.
The counter charted a bullish candlestick last Friday, and may close above the HKD75 resistance.
If a bullish breakout emerges, expect a follow-through price action to test the next resistance pegged at HKD80, then HKD88.
If it breaches the HKD68 support, this will kick off the bearish phase.
