TECHNICAL ANALYSIS

CNOOC is poised for a bullish breakout from its one-week rectangular pattern, targeting the immediate resistance at HK$19.80. In view that the stock has pulled further away from all the EMAs, coupled with the 20-day EMA pointing upwards, we opine that the stock has a decent chance of staging a breakout.

Fundamentals

Net profit is expected to grow at a CAGR of 11% for the next 3 years with strong net margins higher than 30%.

Source: Rakuten Research - 16 Apr 2024

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