Anta Sports (2020-hk): Critical Bullish Breakout
George Lam August 14, 2020 1:03 PM
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
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.