China Everbright Rebounds after Touching a long term rising channel

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By :  ,  Financial Analyst

China Everbright (165.HK): Rebounds after Touching a Long Term Rising Channel

China Everbright (165), a financial services company, rebounds around 10% from September low. 

In August, The company reported its interim net income was down 58.9% on year to HK$765 million on revenue of HK$9.07 billion, up 60.1%. The interim dividend dropped to HK$0.14 from HK$0.25 in the previous year period. After posting the result, Citigroup cut the company's target price to HK$14.00 from HK$17.00.

From a technical point of view, the stock posted a rebound after touching the support base formed in March and the rising channel drawn from September 2019. Currently, the prices broke above the 20-day moving average. The relative strength index also crosses above its neutrality level at 50, calling for a further bounce.

Bullish readers could set the nearest support level at HK$9.96, while the resistance levels would be located at HK$12.10 and $12.80 respectively.

Source: GAIN Capital, TradingView

Related tags: Stocks

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