STOCKWATCH: China Petroleum & Chemical to absorb while consolidation

China Petroleum & Chemical Corporation (0386) has been near HK$1.3 resistance at 100-day moving average line after four consecutive days drop. Charts reflect resistance at the high level as well as double pressure technically. RSI returned to strong zone over 60 while insufficient turnover shows a great pressure and resistance at the position. If it should retreat over pressure, profit-taking is advisable. Absorption can be made when it regained stability at HK$1.2.

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