China Life Insurance: Positive Reactions to First Quarter Results
George Lam April 23, 2020 11:35 PM
China Life Insurance reported a 34.4% year-on-year decline in 1Q net income, though analysts saw a bright spot...
From a technical point of view, China Life Insurance H share (2628.HK) is extending its rebound as shown on the daily chart. It has broken above a bearish trend line drawn from January, after forming a bullish flag pattern in March. Bullish investors might consider $14.70 as the nearest support, with prices likely to advance to the 1st and 2nd resistance at $17.30 and $18.50 respectively, filling the gaps previously made in early March. In an alternatively scenario, a break below $14.70 may trigger a pull-back to the next support at $13.50.
Source: TradingView, GAIN Capital
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