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Upgrade Alert for China Unicom Hong Kong (CHU)

By Amy Schwartz

China Unicom Hong Kong (NYSE:CHU) was upgraded from Sell to Neutral at UBS today. The stock closed yesterday at $11.68 on volume of 832,000 shares, above average daily volume of 336,000.

China Unicom Hong Kong has overhead space with shares priced $11.68, or 31.9% below the average consensus analyst price target of $17.16. The stock should find initial resistance at its 50-day moving average (MA) of $12.30 and further resistance at its 200-day MA of $12.43.

Over the past year, China Unicom Hong Kong has traded in a range of $9.89 to $19.53 and closed yesterday at $11.68, 18% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

China Unicom (Hong Kong) Limited, through its subsidiaries, provides telecommunications services in the People's Republic of China. The Company's services include cellular, paging, long distance, data, and Internet services.

SmarTrend recommended that its subscribers protect gains by selling shares of China Unicom Hong Kong on April 28th, 2016 by issuing a Downtrend alert when the shares were trading at $11.89. Since that call, shares of China Unicom Hong Kong have fallen 7.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades china unicom hong kong

Ticker(s): CHU