Anta Sports (2020-hk): Critical Bullish Breakout
George Lam August 14, 2020 11:03 AM
Anta Sports has shown a critical bullish breakout ahead of Hong Kong Hang Seng Index quarterly review results and its earnings report...
Anta Sports (2020-hk), a sportswear company and a constituent of Hang Seng China Enterprises Index, will report first half earnings on August 25. Its rival Li Ning (2331-hk) posted promising first half results, with adjusted net income growing 22% on year and share price has surged 10% during market hours today.
Meanwhile, Hang Seng Indexes Company will announce quarterly review result for the Hang Seng Index after market close today. Anta Sports is one of the companies tipped for adding to the major index, even though it is a less favorite than Alibaba (9988-hk) and Meituan Dianping (3690-hk).
From a technical point of view, Anta Sports is gathering upside momentum as it has shown a critical breakout on a daily chart. It has broken above a head and shoulder bottom and a bullish flag pattern. The level at $77.70 might be consider as the nearest support, with prices likely to test the resistances at $90.20 and $103.30. Alternatively, losing $77.70 would suggest that the next support at $73.00 may be exposed.
Source: TradingView, Gain Capital
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