STOCKWATCH: China Resources short-term supporting stance at HK$11.8

Although China Resources Enterprises (0291) returned to HK$12 amid the active broad market yesterday on an increasing turnover, it went soft this morning due to the consolidation of the broad market. From a short-term view technically, its performance still depends largely on the broad market, which underwent short-term consolidation after a strong rebound. Therefore, its short-term trend is not optimistic and investors should keep sidelined. Certain support should be found at the Bolliger¡¦s middle band of HK$11.8 technically.

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