Guangzhou R&F Properties Slumped on Bad 1Q Result
Medion Jim May 4, 2020 6:19 AM
Guangzhou R&F Properties (2777) slumped around 5.5% after announcing its 1Q result......
Guangzhou R&F Properties (2777) slumped around 5.5% after announcing its 1Q result. Meanwhile, the Hang Seng index plunged around 4.0% on the worry of the U.S. - China relationship.
Guangzhou R&F Properties, a real estate group, reported that 1Q net income plunged 83.5% on year to 67 million yuan on operating revenue of 9.79 billion yuan, down 4.9%.
On a daily chart, the technical outlook of the stock would be bearish as the prices are trading below the declining trend line drawn from January top and both 20-day and 50-day moving averages. Currently, the prices are expected to test $9.14 (61.8% retracement level of current rebound and the low of April 22). The RSI has failed to penetrate the neutrality level and is turning downward. It suggests that the downward momentum for the prices remain intact. Therefore, as long as $9.85 is not surpassed, the stock would consider a return to $8.74 (78.6% retracement level of current rebound) and $8.23 (the low of March).
Alternatively, a break above $9.85 would suggest a bullish breakout of the declining trend line and trigger a rebound to $10.62 (the high of April).
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.