STOCKWATCH: Cheung Kong not to be absorbed yet

The rebound of Cheung Kong(0001) this morning obviously underperformed the broad market. Charts show it has not yet got rid of the obsession of down-going band of last week. Turnover shows no active buying. RSI is still in a tug-of-war state. It is expected to have a short-term rebound alongside the broad market and technical speculation can be considered, while the space and strength of rebound may be limited and a consolidation will follow. It¡¦s not the best time for absorption. Recommended to wait and see. Support level is set at HK$81, resistance stance at HK$86.5.

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