China Resources Land (1109.HK): Continuation of Rebound

China Resources Land (1109), a major Chinese property developer, announced that contracted sales slipped 0.4% on year to 21.22 billion yuan in May....

Uptrend 2

China Resources Land (1109), a major Chinese property developer, announced that contracted sales slipped 0.4% on year to 21.22 billion yuan in May.

On the daily chart, the stock posted a bullish gap and broke above the declining channel on June 1. After that, the stock prices made a higher top, indicating a positive outlook.

Currently, the prices are trading above both rising 20-day and 50-day moving averages. 

Besides, the RSI broke above the declining trend line drawn from December 2019. It indicates that the prices show the upside momentum.

Bullish readers could set the support level at HK$30.60 (the gap created on June 1), while the resistance levels would be located at HK$35.35 (61.8% retracement between January high and March low) and HK$38.30 (the high of March).

Sources: GAIN Capital, TradingView

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