Yu Kwan Lung: PETROCHINA (00857) buy:$9.7, target:$12, stop:$9
Yu Kwan Lung, independent analyst, said reading from the trend of the share price, 10-day moving average is now at $10.24. 50-day moving average is at $10.48. It generates upward momentum as it stays far below the 50-day line. Meanwhile, RSI-14 is 34. It approaches oversold area and signifies a technical rebound soon.
Analyzing the share price movement, the previous high ( 27/4/2012 ) is at $11.86 and the recent low ( 4/6/2012 ) is $9.56. Measuring from the recent low, Fibonacci 0.382 retracement is $10.43. 0.500 rebound from the recent low is at $10.71. It seems to swing below the 0.5 retracement, and stays in a typical correction. However, It seems to gain ground and consolidates at recent level.
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