TECHNICAL ANALYSIS

PetroChina may trend higher after breaking out from the one-week bullish flag pattern with a long white candle yesterday. As the stock has pulled further away from all the EMAs, coupled with the 20-day EMA pointing upward, this has enhanced the bullish momentum. We opine that the rising momentum has a decent chance of kickstarting a new upcycle, prolonging prevailing uptrend in the near term.

Fundamentals

Net profit is expected to grow at a CAGR of 7% for the next 3 years with strong net margins higher than 15%.

Source: Rakuten Research - 5 Mar 2024

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