STOCKWATCH: Short-term Culturecom not to bet on rebound

Although Culturecom Holdings (0343) rebounded with the broad market with sufficient turnover last week, the rebound could not last and turnover also shrank. Charts reflect a heavy resistance at 10-day moving average line. It technically tends to be weak. Bolliger¡¦s band also tends to narrow. Consolidation may follow. For short-term investors, it is not suitable to bet on rebound. A mid-term absorption at low may be made as Bolliger¡¦s band has been narrowed and space of further dive is limited in stabilizing market. Supporting stance is set at HK$3.4. Short-term resistance stance is set at HK$3.9 ¡V HK$4.

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