STOCKWATCH: Mid-term China Petroleum & Chemical to absorb at HK$1.3

China Petroleum & Chemical Corporation (0386) sustained stronger consolidation at neckline this week, but turnover began to wither. It is expected to have little chance to break through the resistance in short terms and another attempt will be made after regaining support of 10-day moving average line. It is advised to take mid-term absorption at HK$1.3. Short-term resistance stance: HK$1.4.   

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