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Analyst's Briefing
This report is for reference only, it does not constitute an offer or recommendation to buy or sell securities or commodities. No warranty of accuracy is given and no liability is accepted for any error or omission. Investors should understand the risks in investments and that prices do go up as well as down, and in some cases may even become worthless. At the date of publication, Hani Securities have no interest in either long or short position of the above stock.
Hani Financial Express Morning Briefing Market Summary ( 3 / 9 / 2010 ) Support : 20700 Resistance: 21200 Cyclical Play flexed their muscles, which boosted up the market. After the rally, HSI closed higher but pared the gain. Turnover of Blue Chips increases as scenario improves, which suggests to gain momentum. By Technical Analysis, 10-day moving average is now at 20713. 50-day moving average is at 20760. It signals to head north as it recoups the 50-day moving average. In the meantime, RSI-14 is 53. It jumps over the 50-mark level, which unveils buying signal. Analyzing the short-term market trend, the previous low is at 17185 while the recent high is 23099. Measuring from the recent high, Fibonacci 0.382 retracement is 20839. Meanwhile, it seems to dance on the 0.382 retracement, and traces further upward trend. In the intra-day market movement, the previous low is 20007 as the recent high is 21805. Measuring from the recent high, Fibonacci 0.500 correction from the recent high is 20906. 0.618 retracement is at 20693. It recoups the 0.5 retracement, and poises to trace further upward trend. From the macro-view, money works in the market as the scenario improves. The range of HSI is likely between 20700 and 21200 in near term. Performance of Banks will be the key factor for the market direction. Stock Analysis Stock : ANHUIEXPRESSWAY ( 00995 ) Suggestion : $5.1 ( Buy ) Target : $5.88 Resistance : $5.25 Support : $4.9 By technical analysis, 10-day moving average is now at $5.05. 50-day moving average is at $4.75. It heads north as it jumps over the 10-day moving average. In the Stochastic Oscillator, %K climbs above %D as it unveils a buying signal. Analyzing the share price movement, the previous low is at $4.27 and the recent high is $5.27. Measuring from the recent high, Fibonacci 0.618 retracement is at $4.65. It seems to dance on the 0.618 retracement, and poises to trace further upward trend.  |
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