STOCKWATCH: Cheung Kong to be observed; support at HK$85

For the past month, Cheung Kong (0001) has been hindered by the 10-day moving average line and on and off on the declining track. The stock may have regained some stability in the afternoon but is still met with resistance at the 10-day moving average line. RSI has shown signs of weakness and turnover has not been supportive. The stock may have later rebounded after once falling beneath the recent supporting stance of HK$85 this morning, but bouncing power is limited and if it should fall through that level again, its outlook would not be so optimistic. Observation is recommended at the moment. Resistance stance set at HK$89.

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