Market Overview
Hong Kong stocks jumped 1.45 per cent during today's trading session. Benchmark Hang Seng Index added 331.13 points on Thursday to 23,197.83 on turnover of $HK52.60 billion and overall breath of market was bullish as most of the stocks traded in positive territory. Technical view of index is still bullish as it has given closing above 23000 psychological mark. RSI has given closing above its 14 DMA turned in to positive territory. MACD line crossed above it signal line and with expanding of bullish gap can bring further northward movement in the Index in upcoming session and index can test next resistance level of 23400. Index is still sustaining above 50 DMA and 200 DMA with appearance of golden cross. Hang Seng index has immediate support of 22800, while next
Recommendation : BUY
Target : 143 & 148
Recommended Prize : 138
Stop Loss : 135
Stock Summary:-
Major trend of Cheung KOng is bullish on chart and is forming higher top and higher
bottom on hourly charts. It has shown small correction and took support from is 200 and 50
DMA. One can follow buy on deep strategy for the stock as it is likely to show northward
movement in upcoming session. One can initiate long position in the stock at
recommended level of 138 and can expect the targets of 143 & 145 in in near term, while
support of 50 DMA at 135 on hourly chart can act at stop loss.
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