STOCKWATCH: Hang Lung to consolidate in near future

Hang Lung Development (0010) has recently seen initial support on lower Bollinger's Band but turnover has not played along, and RSI has also been on the weak side. The rebound this morning was met with resistance, obviously hindered by the mid Bollinger's Bank and the 50-day moving average line at the HK$8-level. The stock is not expected to be able to break through in the foreseeable future, rather to be consolidating. Consolidating zone estimated to be at HK$7.3 and HK$7.95.

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