Above is the daily chart of PetroChina Co. Ltd. (0857.HK). Apparently, the group focuses on production and sale of crude oil and natural gas, as well as refining and transportation of crude oil and natural gas products. (from http://aastocks.com)
Following the global market plunges, PetroChina fell from over 12.0 to around 9.0, which was over 25% slump.
While stock markets are becoming stable, this stock should be climbing again. Yesterday, it successfully got back above the 10-day Simple Moving Average.
MACD intersects with its EMA, with MACD crossing from below. Volume did not rocket but did not shrink either. It should be a good sign for a short bullish trend.
There will be a weak resistant at around 10.0, I think the price could break it without much difficulty. Then PetroChina would face strong block at around 10.75.
Ultimate resistant is at around 11.40 given by the highest dotted red line. The level is dropping, and I think there would be selling-force as well at some critical fibonacci level such as 61.8% at 11.06.
This stock could probably bring you some quick money. Return is not expected to be too much, only around 10-17%. But such large-cap stocks are defensive. Lower risk comes with lower return.
Good luck.
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