Hong Kong Viable Stock – China Unicom (Hong Kong), 361 Degrees International
Hong Kong Viable Stock – China Unicom (Hong Kong), 361 Degrees International
China Unicom (Hong Kong) is poised to extend its technical rebound after breaking past the resistance.
RHB Retail Research (RHB) in a note today (Aug 5) the stock has climbed above the HKD6.75 resistance, thereby confirming a bullish setup.
Riding on the renewed momentum, it should travel towards the next resistance of HKD7, and followed by HKD7.20.
On the other hand, falling below the HKD6.50 support will lead to a resumption of a downtrend.
361 Degrees International is trading at in the oversold region, and could undergo a technical rebound.
The counter has been trending on "lower lows" since it crossed below the 21-day SMA line.
Note that trading volume is decreasing, which indicates that selling pressure is weakening.
In the event the counter climbs above the HK3.36 resistance, it may move higher towards HKD3.50.
On the flip side, should it fall below the HKD3.22 support, this will extend the correction towards the next support of HKD3.