STOCKWATCH: Wing Lung retreats to find support at K$ 34.2

Wing Lung Bank (0096) soared last Friday on the rumour that its big shareholder, the Wu Family, was about to sell controlling stake to strategic partners. The stock came down after clarification that the bank is in no negotiation with Singapore's DBS Bank Ltd., for the latter to boost its stake in the Wing Lung. As reflected in the chart, the stock is still strong and is expected to retreat to HK$34.2, Bollinger¡¦s mid-band and obtain support at that level on the 10-day moving average line. Recommended to hold for intermediate investment. Stop loss level: HK$33

Related stock : (96)