China Aerospace Intl (0031) – A Rocket Waiting To Take Off? September 28, 2006
Posted by Michael in Hong Kong Stock Market.trackback
航天科技 China Aerospace Intl (0031) has been consolidated between $0.60 – $0.70 since mid June this year. Building a strong foundation to take off? OR breakout to downside?
0031 announced its first-half to June net profit of $53.47 mln HKD vs $18.83 mln HKD same period last year. The company said the net profit was higher compared to the year earlier even as operating profit dropped year-on-year, because the share of loss of jointly-controlled entities has narrowed to $3.79 mln HKD from the year-earlier level.
$0.68 is the recent high and $0.57 is the recent low which 0031 is about to test this support level.
For me, it looks bullish on the chart. A move above $0.61 is a good confirmation for an uptrend move with $0.60 being the key support/stop loss level.
Click here for China Aerospace Intl (0031) daily chart and latest price quote: http://www.aastocks.com/eng/StockQuote/default.asp?symbol=0031
