TECHNICAL ANALYSIS

We believe Petrochina may trend higher after it broke out from its 2-month downward channel pattern a few sessions ago. The 20-day and 50-day SMAs are converging and likely to confirm its bullish crossover soon. Hence, the bullish momentum may be present now. We expect the rising momentum is set to steer the stock higher and test the next level of resistance in the near term.

Fundamentals

Net profit is expected to to remain stable for the next 3 years with consistent net margins of around 5%.

Source: Rakuten Research - 9 Jan 2024

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