STOCKWATCH: Phoenix satellite resistance at 50-day MA line; supporting stance HK

Phoenix satellite Television Holdings (8002) boomed with sufficient turnover yesterday, but it did not follow the rising trend this morning, dragged by the broad market. Obsession of 50-day moving average line has not yet been shrunk off, indicating certain resistance at the level. However, With RSI tending to rise, it is expected to rebound gradually. It is advisable to take a long-term absorption while it retreats. Supporting stance: HK$1.5. 

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