STOCKWATCH: TCL has not bottomed yet

Despite rebound at one point alongside the broad market, TCL International (1070) met heavy pressure at 10-day moving average line. The stock as reflected in charts has not got rid of the obsession of down-going band, with a declining turnover and lack of buying support. RSI is still weak though a sign of rise has appeared. The strength and space of rebound is expected to be limited. Possibility of plunging to test a low level can not be neglected. Recommend not to bet on rebound. Resistance stance is set at HK$1.12.

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