STOCKWATCH: COSCO Pacific to join short-term rebound

COSCO Pacific Ltd (1199) has finally broken through the resistance at down-going band to returned to 10-day moving average line, supported by sufficient turnover. RSI also saw obvious rebound from a low level after initial plunge. Chart reflects a likely short-term cease of slipping. With a great downward range accumulated recently, technical rebound is expected. Increase of the price and turnover this morning implies a lasting rebound in the short run. Recommended to take short-term rebound. Initial target price is set at HK$5. Supporting stance at HK$4.4.

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