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Tongda Group - Trading Buy
Tongda Group (00698.HK) Trading Buy Last price: HK$2.34 Target price: HK$2.50/ 2.60 Protective stop: HK$2.08 Tongda Group rose to HK$3.09 twice in early-May but failed to move...
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Tongda Group - Trading Buy
Institution : UOB KAY HIAN (Hong Kong) Limited
Relevant Stocks:
TONGDA GROUP  -0.100 (11.765%) 
SH ELECTRIC  -0.020 (0.866%) 
2017/06/22 09:26
Tongda Group (00698.HK)
Trading Buy
Last price: HK$2.34
Target price:  HK$2.50/ 2.60
Protective stop: HK$2.08
Tongda Group rose to HK$3.09 twice in early-May but failed to move higher. The stock then corrected significantly and dropped to the low of HK$1.90 on 6 June, down 38.5%. After retreating to the 250-day MA in early-June, the downtrend took a breather. Recently, the stock rebounded to above the 20-day MA (HK$2.23). The MACD has crossed above its signal line on 15 June, and the bullish gap expanded slightly, indicating stronger upward momentum.
If the stock continues to rise, the next resistance would be at the 100-day MA (HK$2.50). Upon penetrating this level, the stock could head towards HK$2.60. If the stock manages to defend against the 250-day MA (HK$2.08), it is expected to continue to rally.
Approximate time frame on average:
1 month
 
Shanghai Electric (02727.HK)
Trading Buy
Last price: HK$3.67
Target price:  HK$3.80/ 4.00
Protective stop: HK$3.47
After hitting a high of HK$4.26 on 16 March, Shanghai Electric corrected 22.5% to touch the low of HK$3.30 on 31 May. With regard to STC, the %K line has crossed above the %D line on 5 June. Since then, the stock rebounded in a white candlestick and broke above the 20-day MA on 7 June. Yesterday, it further penetrated the 50-day MA (HK$3.58). The bullish MACD gap remains in positive territory, showing the upward momentum is intact. 
 If the stock keeps rising, the next resistance would be at HK$3.80. Upon breaking above this level, the stock could head towards HK$4.00, with initial support at the 20-day MA (HK$3.47) and key support at HK$3.30.
Approximate time frame on average:
1 month
 
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