STOCKWATCH: CNOOC breaks through 50-day MA line

CNOOC (0883) rebounded from an initial low this week and regained HK$7.8 level on the 50-day moving average line today, stepping out of the feebleness. With RSI recurring upturning signs, it is expected to churn around the level. If could not maintain stability on the 50-day moving average line, it might retest the supporting level of HK$7.45 on the 10-day moving average line. The mid-term investors are advised to absorb properly while at low. On the other hand, if it could successfully break through the resistance level, the short-term investors may invest cautiously. The resistance area is between HK$8 and HK$8.5.

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