Lenovo Group Rebound Fueled by Upbeat Quarterly Results

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By :  ,  Financial Analyst

Lenovo Group (992.hk): Rebound Fueled by Upbeat Quarterly Results

On Tuesday, tech company Lenovo Group (992.hk) announced that 2Q net income jumped 53.5% on year to 310 million U.S. dollars on revenue of 14.52 billion U.S. dollars, up 7.4%. The company declared an interim dividend of $0.066 per share, up from $0.063 per share in the prior year.

Lenovo CEO Yang Yuanqing said he expects global PC market to grow 5% - 10% next year, supported by work-from-home and home learning demand.

From a technical point of view, Lenovo Group (992.hk) is extending its rebound as shown on the daily chart. It has broken above a declining trend line drawn from July 2019 and is now supported by a bullish trend line drawn from March 2020. The level at $4.82 might be considered as the nearest support, while the 1st and 2nd support are expected to be located at $5.58 and $6.04 respectively.

Source: GAIN Capital, TradingView

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