STOCKWATCH: Denway: recommended to hold; resistance at HK$2.05

Denway Motors Limited (0203) has shown steady performance lately, an obvious winner in the broad market. Charts reflect low selling pressure and turnover is moderate, indicating that stocks have concentrated in strong hands. RSI will be consolidating on a relatively high level. The stock is expected to be consolidating in the foreseeable future, with more headspace for rise in the long run. Recommended to hold or absorb near the 50-day moving average line. Stop loss at HK$1.75. Resistance stance set at HK$2.05. 

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