Sinopharm Group (1099.HK) rebounds after posting an upbeat 9-month result
Medion Jim October 26, 2020 10:16 AM
Sinopharm Group rebounds after reporting its 9-month result.
Sinopharm Group (1099), a pharmaceutical company, rose around 5% after the company announced that 9-month net income grew 7.8% on year to 4.96 billion yuan on operating revenue of 327.61 billion yuan, up 4.8%.
Besides, Chinese Media reported that 4 Covid-19 Vaccines of Sinopharm are conducting the Phase III clinical tests in overseas countries.
Technically, the stock posted a rebound and broke above a declining channel. Currently, the prices stand above its 20-day moving average. The relative strength index also indicates a bullish divergence signal.
The bullish readers could set a support level at HK$16.40, while resistance levels would be HK$19.00 and HK$20.40.
Source: GAIN Capital, TradingView
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