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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 ( 6 / 9 / 2010 ) Support : 21200 Resistance: 21800 Local Properties Developers flexed their muscles, which boosted up the market. After a strong run, HSI closed sharply higher. Turnover of Blue Chips increases as scenario improves, which suggests to gain momentum. By Technical Analysis, 10-day moving average is now at 20759. 50-day moving average is at 20773. 10-day line sets to jump over the 50-day line to give a buying signal. In the meantime, RSI-14 is 62. It swings above the 60-mark level, which suggests to staying on the strong side. Analyzing the short-term market trend, the previous low is at 18971 while the recent high is 21805. Measuring from the recent high, Fibonacci 0.382 retracement is 20722. Meanwhile, it seems to dance on the 0.382 retracement, and traces further upward trend. In the intra-day market movement, the previous high is 21805 as the recent low is 20372. Measuring from the recent low, Fibonacci 0.618 retracement is at 21257. It recoups the 0.618 retracement, and heads toward the previous high. From the macro-view, money works in the market as the scenario improves. The range of HSI is likely between 21200 and 21800 in near term. Performance of Banks will be the key factor for the market direction. Stock Analysis Stock : LENOVO GROUP ( 00992 ) Suggestion : $4.7 ( Buy ) Target : $6 Resistance : $5.3 Support : $4.51 By technical analysis, 10-day moving average is now at $4.51. 50-day moving average is at $4.67. It signals to head north as it recoups the 50-day moving average. Meanwhile, RSI-14 is 53. It hovers above the 50-mark level, which suggests to staying on strong side. In the Stochastic Oscillator, %K climbs above %D as it unveils a buying signal. Analyzing the share price movement, the previous high is at $5.3 and the recent low is $4.36. Measuring from the recent low, Fibonacci 0.382 retracement is $4.71. It hopes to recoup the 0.382 retracement, and poises to trace further upward trend.  |
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