Rakuten Trade Research Reports

Foreign Equities (HK): CNOOC LTD

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Publish date: Tue, 16 Jan 2024, 10:32 AM
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TECHNICAL ANALYSIS

CNOOC may extend its upward trajectory after it broke out from its 1-week bullish flag pattern yesterday. As the stock is pulling further away from all the EMAs, the bullish momentum appears to be picking up. 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 grow at a CAGR of 15% for the next 3 years with net margins higher than 30%.

Source: Rakuten Research - 16 Jan 2024

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