STOCKWATCH: Bank of East Asia gains support at HK$18; bet on rebound unwise

As reflected in charts, Bank of East Asia (0023) saw considerably strong technical support at the 50-day MA line of HK$18. With technical shape turning weak and turnover drooping, an ideal rebound is unlikely to come in the short run. Consolidation may prevail in the late trading and short-term investors should stay sidelined. Supporting stance set at HK$18 and resistance position at HK$18.7.

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