STOCKWATCH: Global Bio-chem Technology challenges HK$2.05

Global Bio-chem Technology Group (0809) stepped out of the bottom between HK$1.5 and HK$2 since it retreated from the high level of HK$2.05 in June. As indicated in charts, it sustained the rally for the past two weeks with turnover swelling gradually. It intended to challenge the previous high-stance resistance but went soft near the stance. It will test HK$2.5 if a breakthrough can be made in the short term. Otherwise, it is expected to retreat to test the support of HK$1.5 again. Holders should remain sidelined. Near-term supporting stance set at HK$1.8.

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