STOCKWATCH: NEWWORLD CHI gains support at HK$3.5; bet on rebound unwise

New World China Land (0917) gained technical support and made slight rebound at the previous high level of HK$3.5 this morning. As reflected in charts, an obvious round shape has emerged while short-term technical indicators grew weak. Despite the slight rebound this morning, it still cannot turn the slack condition effectively and time is not mature for bet on short-term rebound. Expected to face considerable resistance at the 10-day MA line of HK$3.79.

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