Ping An Insurance (2318.HK): Consolidation in Place Before Next Rally

Ping An Insurance (2318), a top Chinese insurer, announced that 3Q net income grew 7.8% on year to 34.4 billion yuan on net earned premiums of 172.85 billion yuan, up 8.6%.

Trader 3

Ping An Insurance (2318), a top Chinese insurer, announced that 3Q net income grew 7.8% on year to 34.4 billion yuan on net earned premiums of 172.85 billion yuan, up 8.6%. The annualized operating ROE was 20.9%, down by 2.0 pps on year. After announcing the result, the company opened 1.4% lower.

From a technical point of view, although the stock posted a pullback from HK$86.80, it is still trading above the former declining trend line. In fact, the stock remains staying above both 20-day and 50-day moving average. The RSI is also supported by a rising trend line drawn from March. Currently, readers could look for a candlestick reversal signal to confirm the stabilzation of the stock prices.

Bullish readers could set the support level at HK$81.00, while resistance levels would be located at HK$86.80 and HK$91.00


Source: GAIN Capital, TradingView

More from Equities

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.