STOCKWATCH: Short-term Chongqing Iron & Steel oversold; first take profit

Chongqing Iron & Steel (1053) once broke through HK$1 psychological gateway, pushed by the broad market, but it finally saw a dark closing. Attempt to test HK$1 resistance failed and charts showed RSI in oversold zone. With a big accumulated up-range, profit taking should be the first choice. Recruitment can be made when it retreats to HK$0.8 and regains support. 

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