STOCKWATCH: continue to hold Hang Seng Bank if HK$83.5 is kept

Hang Seng Bank (0011) underwent consolidation around the level of HK$84 for a long time and gained stability technically. With no gloomy news in the late trading, it will see limited downward headroom and overcome the recent consolidation shape considering the increasing turnover. However, the lower-than-expectation Q2 US economic figures would pose certain pressure on its rebound. Investors are advisable to continue to hold it for mid-term if the support of HK$83.5 can be maintained. Near-term resistance set at HK$86.

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