STOCKWATCH: Denway Motors expected to drop to HK$2

Denway Motors Ltd.(0203) wobbled between HK$2.5 and HK$3 for most of the time in the recent several months. As reflected in charts, it formed a clear head shape and dipped through the support of the neckline of HK$2.5 this morning with turnover increasing, which is believed that short-term investors stopped loss. It is expected to witness worsening short-term trend and drop to HK$2. Holders are suggested to discard at high for short-term and speculative buyers can bet on technical rebound around HK$2.05.

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