Ping An Insurance (2318.HK): Consolidation in Place Before Next Rally
Medion Jim October 27, 2020 10:22 PM
Ping An Insurance (2318), a top Chinese insurer, announced that 3Q net income grew 7.8% on year to 34.4 billion yuan on net earned premiums of 172.85 billion yuan, up 8.6%.
Ping An Insurance (2318), a top Chinese insurer, announced that 3Q net income grew 7.8% on year to 34.4 billion yuan on net earned premiums of 172.85 billion yuan, up 8.6%. The annualized operating ROE was 20.9%, down by 2.0 pps on year. After announcing the result, the company opened 1.4% lower.
From a technical point of view, although the stock posted a pullback from HK$86.80, it is still trading above the former declining trend line. In fact, the stock remains staying above both 20-day and 50-day moving average. The RSI is also supported by a rising trend line drawn from March. Currently, readers could look for a candlestick reversal signal to confirm the stabilzation of the stock prices.
Bullish readers could set the support level at HK$81.00, while resistance levels would be located at HK$86.80 and HK$91.00
Source: GAIN Capital, TradingView
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.