Above is the daily chart of Mainland Headwear Holdings Ltd. (1100.HK). The principal activities of the Group are manufacture and sales of headwear products, sales of licensed products and tourist-souvenir products. (from http://www.aastocks.com)
After maintaining the level of around 0.85 for over a year, the stock price suddenly surged greatly in late November 2010 to as high as around 1.72.
Obviously, corporate investors are holding this stock and would like to make fast profits from it. They have pulled the stock price upwards. However, they could not sell all the shares in such a short time.
Furthermore, 1.72 is just about double of 0.85. Those investors would not be satisfied with such small profits. They will definitely try their best to raise another wave to maximise their profits.
I would expect the price will be up to at least 1.72 first. Then if it breaks, around 2.55 will be next target.
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