STOCKWATCH: Stay sidelined for CNOOC

China National Offshore Oil Corporation (0883) churned in softness recently and once retreated to the previous level when it got listed. Though it closed high this morning against the dismal market, it suffered considerable pressure at the 10-day MA line around HK$7.5 on a stubbornly thin turnover. Wait-and-see attitude is advisable since an obvious turnaround has not yet come in the near future. Supporting stance set at HK$7. The mid-term shape is positive if it can return to the level of 50-day MA line of HK$7.8 over the support of buying

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