Anta Sports (2020-hk): Critical Bullish Breakout
George Lam August 14, 2020 4:03 AM
Anta Sports has shown a critical bullish breakout ahead of Hong Kong Hang Seng Index quarterly review results and its earnings report...
Anta Sports (2020-hk), a sportswear company and a constituent of Hang Seng China Enterprises Index, will report first half earnings on August 25. Its rival Li Ning (2331-hk) posted promising first half results, with adjusted net income growing 22% on year and share price has surged 10% during market hours today.
Meanwhile, Hang Seng Indexes Company will announce quarterly review result for the Hang Seng Index after market close today. Anta Sports is one of the companies tipped for adding to the major index, even though it is a less favorite than Alibaba (9988-hk) and Meituan Dianping (3690-hk).
From a technical point of view, Anta Sports is gathering upside momentum as it has shown a critical breakout on a daily chart. It has broken above a head and shoulder bottom and a bullish flag pattern. The level at $77.70 might be consider as the nearest support, with prices likely to test the resistances at $90.20 and $103.30. Alternatively, losing $77.70 would suggest that the next support at $73.00 may be exposed.
Source: TradingView, Gain Capital
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.