STOCKWATCH: China Petroleum & Chemical to see higher level

China Petroleum & Chemical Corporation (0386) has formed a standard rising path for more than a month. As reflected in charts, powerful support appeared on its 10-day moving average line and technically to meet pressure at HK$1.6 level. With a high close against the down-going market and transaction increasing, it was expected to break through in near future, but to face some consolidation pressure later, since RSI indicated over-sale. However, it can continue to rise after consolidation only if down-going track not reflected. Recommended to go on holding and supporting stance set at HK$1.5.

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