The above is the daily chart of Polytec Asset (0208.HK). The stock kept dropping along the red down-trend line for long term. After some time of consolidation, it started to reach the red line again, which is at the level of the previous consolidation, and was clearly resisted. However, it did not plunge greatly, showing the bullish momentum might be strong enough this time to break the downtrend line.
In terms of candlestick chart reading, the few large consolidations showed that the corporate investors are having shares in their hands, and they still have to find chance to pull the price upwards and make profits. If this stock breaks the red line this time, it would be an excuse for them to rasie the price. Why not join them then?
This stock would be among the choices for my portfolio JPHK.
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