China Southern Airlines Lifting by the progress of vaccine

Market chart showing uptrend
China Southern Airlines (1055.HK) is lifted by the progress of the developing the vaccine of coronavirus. The vaccine developers, such as Pfizer, Biontech and Moderna, said the effectiveness of vaccines can achieve more than 90%. Investors are expecting that the worst situation for airlines is going to be over.

Recently, the company is updated from "equalweight" to "overweight" at Morgan Stanley. In addition, the target price is also raised from HK$2.97 to HK$4.19.

From a technical point of view, the stock broke above the consolidation zone between HK$4.00 and HK$4.45 on the daily. Currently, it is trading above both rising 20-day and 50-day moving averages. Bullish readers could set the support level at HK$4.45, while resistance level would be located at HK$5.33 and HK$5.65.

Source: GAIN Capital, TradingView
Related tags: Equities

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