STOCKWATCH: Rebound of HK stocks first resistance at 14500 pts

The HSI closed high yesterday but there was insufficient turnover to suggest a strong rising force. Some blue chips may have seen overselling at one time but technically speaking, if there should be enough short-term buying support, there would still be the chance of a rebound and possibly even a rebound strong enough to booster the market.In view of many outer factors not yet clarified, however, the chance of further testing of lower ground nevertheless still exists. According to the charts, MACD continues to display meagre profit. RSI may have risen but is still weak, and on top of that, turnover was relatively low. Resistance will be first met at the psychological 14500-level. Volatility of the HSI is expected to swing between 13900 and 14500 in the short-term foreseeable future.

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