Morgan Stanley stated that CHOW TAI FOOK (01929.HK) +0.340 (+3.263%) Short selling $34.53M; Ratio 22.994% 's interim results was in line with estimates. The business was affected by the Central Occupy Movement in October but was improved in November despite the soft demand. Due to the slow down in business growth from the second half of 2014, the company adjusted the flat annual revenue target to single-digit decrease. The target price of Chow Tai Fook was cut from $13.4 to $12.4 and the rating was maintained at Overweight.
Shanghai Pechem (00338.HK) Trading Sell Last price: HK$2.43 Resistance: HK$2.60 Support: HK$2.27/2.13 Shanghai Pechem closed lower at HK$2.43 in a long dark candle yesterday, short of the 0.38x retracement level at HK$2.41. Given that the Slow Stochastics has breached the previous low and the MACD is under the centreline, the stock is likely to test the 0.5x retracement level at HK$2.27. If the stock breaches this support, it will then test the 0.62x retracement level of HK$2.13. Expected Timeframe: 2 weeks to 2 months Wisdom Group (01661.HK) Trading Sell Last price: HK$5.47 Resistance: HK$5.65 Support: HK$5.22/4.96 Wisdom Group gapped down to re-enter the moving average envelope yesterday on strong volume. With reference to the downside bias of both the Williams’ %R Indicator and the ROC, we expect the stock to test the moving average of the envelope at HK$5.22. If the stock crosses below the moving average of the ...
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