Chaoda Modern coming up to test resistance at HK$1.41

Chaoda Modern Agriculture (Holding) Limited (0682) has recently been leading the broad market after stabilizing at the HK$1-level. The stock has been rallying gradually, supported by the 10-day moving average line. RSI is also on the rise. The stock has just entered the above-60 stronger level, testing resistance of the Bolliger's upper band at HK$1.41. The attempt may have been in vain, but technically speaking, there should be a further rise, and with sufficient transaction, resistance may be broken and the stock is expected to go up higher to test resistance stance at the height of HK$1.6.

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