STOCKWATCH: MTR Corporation meets resistance while rebound

MTR Corporation (0066) re-tested the previous 3-month low level of HK$12.1 and finally secured technical support and stabilized. It suffered big pressure from the 20-day MA line due to lack of vivid turnover, although it rebounded along with the broad market this morning. The subsequent softness after a surging indicated that the short-term consolidation was insufficient. Keep on sideline for short-term since the recent rebounding stamina is expected to be limited.

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