STOCKWATCH: China Petroleum & Chemical short-term rebound at HK$1.2

China Petroleum & Chemical Corporation (0386) has recently shown a sign of bottoming. If no negative news should come out, it may rebound alongside the broad market in short terms. RSI has seen initial bounce. However, the rebound may not last long owing to insufficient cooperation of turnover and a resistance at HK$1.2, plus lack of bargains. Supporting stance: HK$1.1.

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