We believe Bank of China may extend it upward trajectory after breaking out from its one-month ascending triangle pattern, surpassing the HK$3.02 resitance yesterday. In view of the stock's 4 consecutive white candles and pulling further away from all the EMAs, a positive outlook is anticipated. We expect the rising momentum is set to steer the share price higher and test the next level of resistance in the near term.
Net profit is expected to grow at a CAGR of 4.2% for the next 3 years with strong net margins higher than 34%.
Source: Rakuten Research - 20 Feb 2024
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Created by rakutentrade | Apr 24, 2024