STOCKWATCH: collect China Petroleum & Chemical if it returns to HK$1.4

China Petroleum & Chemical Corporation (0386) churned between HK$1.3 and HK$1.4 and stabilized for the recent two weeks. The short-term downtrend is expected to come to a halt, but the short-term trend remained gloomy since it has accumulated weakness for a long time. Currently, it was in the recent consolidation zone with turnover remaining modest. Caution suggested for short-term. Investors can absorb it properly if it can return to the level of HK$1.4 in the short run when technical shape will be improved. Stop loss at HK$1.3 for short-term.

Related stock : (386)