The latest Centa-City Leading Index (CCL) gained 0.05% weekly to 129.44 pts, marking nine-week high. Mass Centa-City Leading Index (CCL Mass) was 130.78 pts, up 0.24% from a week earlier, hitting 17-week high. Centa-City Leading Index (small/medium units) was 129.02 pts, representing a week on week increase of 0.14%, the highest over the past 17 weeks. Centa-City Leading Index (large units) was 131.73 pts, representing a week on week decrease of 0.45%. Wong Leung Sing, senior associate director at research department of Centaline Property, said that CCL Mass, Centa-City Leading Index (small/medium units) and CCL saw a four-week rise, with a cumulative gain of 1.22%, 1.11% and 0.83% over the past four weeks. Since CCL Mass and CCL (small/medium units) have already breached above the near-term high level over the past three weeks and continued higher, the home prices are likely to test the high level at 135 pts.
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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