ZTE Expecting Further Upside
ZTE (763:HK), trading at HK$14.08, a company caught between US-China cross fire, saw heavy selling in mid-April 2018 after it violated US trade sanctions.
The stock traded sidewa ways for pass 2 months before it saw supply dried up after tested its low of HK$10.96 on 11 July 2018. Today we saw ZTE jumped above across the creek with higher than usual volumes. Thus, we have technical reasons to believe that demand is dominating with immediate upside target at HK$16.00, previous resistance.
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