STOCKWATCH: CNOOC to perform well after consolidation

An up-side-down V has been detected in the charts for China National Offshore Oil Corporation (0883), indicating the need for technical consolidation along the neckline at around HK$7. If the stock should be able to remain stable at HK$6.6 after consolidation, it may perform well. Mid-term investors can continue to hold or absorb while consolidating. Supporting stance is set at HK$6.6. Resistance stance set at HK$7.1.

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