STOCKWATCH: Short-term PCCW to rise; resistance still heavy

PCCW (0008) has performed with the broad market. Forces of rebound was limited. Although it returned to 10-day moving average line and surged alongside the broad market, charts indicated technically heavy resistance over its present price. With having been in feebleness for long and concerns on the outlook of the company, the rebound may be taken as short-term technical rebound, heavy resistance ahead of further soaring. Recommend short-term dealing. Supporting stance is set at HK$2.65. Resistance stance is set at HK$3.  

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