STOCKWATCH: PetroChina to hover near HK$1.4

PetroChina (0857) has recently been hovering between HK$1.2 and HK$1.4. With its base now more or less formed, if there should be no unfavourable news, the stock should consolidate around this area. Given the choppy market condition and lack of unwillingness to buy, rebound will not be supported by buyers in the foreseeable future. Charts have also indicated stagnation on the soft side. The stock is expected to consolidate in the near future. Supporting stance is set at HK$1.3. Resistance stance set at HK$1.48. Stop loss at HK$1.2.

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