Lenovo Group (992): Upside Breakout
Medion Jim November 26, 2020 1:45 PM
Lenovo Group (992), the global personal computers and hardware manufacturer, rallied 56% from March low....
Lenovo Group (992), the global personal computers and hardware manufacturer, rallied 56% from March low, meanwhile, Hang Seng Index was able to rebound 23% only. It would suggest that the stock is outperforming the market.
In the early of November, the company reported that 3Q net income rose 53% on year to $310 million on revenue of $14.52 billion, up 7%. UBS raised the target price of the company from HK$6.50 to HK$7.00. The bank said the company will keep outpacing the worldwide PC sector in the short term, with share gain opportunity underpinned by its robust after-sales service.
From a technical point of view, the stock prices have broken above the consolidation zone and challenges the 52-week high. The upward momentum is further reinforced by both rising 20-period and 50-period moving averages. Unless the support level at HK$5.29 is violated, the stock could consider a further upside to the resistance levels at HK$6.18 and HK$6.57.
Source: GAIN Capital, TradingView
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.