STOCKWATCH: Petrochina short-term target price at HK$1.7

Petrochina (0857), which has been admitted into the HSI constituent recently, was much sought after by Tracker Fund and other funds managers. Besides, O reduction of PEC oil production supported the oil price to revive, which also put a premium on the stock. The company has just clinched a Memorandum Of Understanding on the west gas pipeline project. The spate of good news helped the stock overcome the recent resistance stance of HK$1.6 and gained support from the vivid turnover. Investors are suggested to continue to collect around HK$1.6 since it is expected to ride on the bullish run technically. Near-term target price set at HK$1.7

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