STOCKWATCH: PCCW: not bet on rebound till it bottoms

PCCW(0008) ignored the rebound of the broad market and has been displaying weak performances. The stock continued to ride on its down-going trend, once losing over 10%. Charts shows it has already fallen through supporting position. RSI is in overselling domain, indicating a possible rebound technically. Owing to the thin turnover and lack of purchase, the rebound is expected to be limited. Further drop may occur. Recommend short-term investors not to bet on rebound until it rebounds. It may come down to test support at HK$3 psychological gateway.  

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