STOCKWATCH: Petrochina to absorb; supporting stance HK$1.35

Petrochina (0857) saw turnover increasing in the latest three trading days. The stock price has returned to 100-day moving average line. With RSI showing up-trend and a long consolidation, a further dive is expected to be limited if there should be no strike.A gradual rebound is likely to occur. Recommend to absorb at the present price. Supporting stance is set at HK$1.35. Resistance stance at HK$1.5. Stop loss: HK$1.3.

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