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Interesting.... haha... I was definitely dead wrong for this counter. I thought it was bearish looking but turn out to be totally wrong.
SPEECH BY SUN LI, PRESIDENT OF CHINA NATIONAL
AVIATION FUEL HOLDING COMPANY ON MONDAY 30 APRIL
2007 AT CHINA AVIATION OIL (SINGAPORE) CORPORATION
" CNAF is largest provider of logistic services for aviation transportation industry in
China. The Group has achieved rapid growth in 2006. CNAF?s oil products sales
recorded another historical high of 11.4 million metric tones, most of which is jet
fuel. This amounted to a total revenue of RMB 57.1 billion. Amongst the 159
Chinese state-owned enterprises supervised by State-owned Assets Supervision
and Administration Commission (?SASAC?), CNAF was ranked 38 in terms of
CNAF further specified its growth strategies last year, which comprise
diversification of resources, markets and internationalization. CAO will play an
important role in the Group?s overall strategic goals. We will continue to support
CAO to grow. We have good reasons to believe that under the support and
assistance of the parent company and strategic investor, CAO will achieve better
LIMITED?S PRESS CONFERENCE. He is also the
newly appointed Director and Deputy Chairman
revenue.
and faster growth.
I see CAO has strong backing due to this new Chairman, more business will continue to flow in! This share has more room to shoot further.
Staging third breakout this year with latest volume heaviest since
relisting in March-April 2006
The counter appears to be celebrating its first relisting anniversary with a bang, with volume last Friday at highest since the early days of relisting, lending weight to the latest and third breakout this year to near
record highs.
In fact the follow through rally this morning has sent the stock to intraday levels on its March 29 2006 relisting date when it swung from $1.30 low to $1.85 high, finishing the day at $1.64 on record volume of 88.8m shares.
Another good guidance of its current behaviour was the second day volatility between $1.42 and $1.63, ending at $1.45 on turnover of 49.5m.
CAO touched intra-day high of $1.48 this morning with volumes at 10.1m around 10.15 am compared to Friday?s 17.1m shares when the counter jumped 18 cents to close at the day?s high of $1.34.
Having broken the $1.45 resistance and since it had never seen a day?s high above $1.42-43 after the relisting debut, CAO seems headed to the next resistance target at $1.63-64.
Strong hints that the stock is being increasingly re-rated despite absence of analysts? recommendations had been seen when it broke out in mid-January from its 3-month consolidation around $1 to $1.11.This was followed by another strong breakout at end-February soaring from $1 again to $1.23 in 2 days ignoring the market correction that was setting in.
Turnovers were noticeably heavy during these episodes with the breakouts coming from well-formed consolidation bases, the latest base between $1.10-15 throughout this month. These strong bases neutralise the overbought conditions from such indicators as RSI and MACD.
The bullish picture is supported by the golden cross between the 50 and 100 days moving averages, which took place in mid -March. The stock has also made a clean surge above the 200s day moving average,
which is turning up to join its strongly rising shorter term counterparts,further reinforcing the bullish picture.
Having crossed $1.42-45 to touch $1.48, CAO is testing this area as a support since its next target at $1.63-64 is still a distance to go. This morning low of $1.37 is at the high end of a stronger support belt
around $1.32-38 which will act as launching pads for rallies whenever they are tested during bouts of profit-taking.
Judging by its stellar performance this year backed by 3 clear breakouts, CAO is on course to testing its $1.85 peak in coming weeks.
FRASER SECURITIES Research
China Aviation Oil - You might be scratching your head why it is not moving up when the market is so heated recently.
Well, answer is, it is doing a channel formation - and this is a continuation formation from the previous upwards movement.
What's the potential price projection after CAO moved out of this channel?
Let's take a look at the technical picture. Click here
China's main stock index rose to a fresh all-time high on Monday, with sentiment buoyed by two spectacular listings, despite a hike in bank reserve ratios announced at the weekend.
The benchmark Shanghai Composite Index gained 2.17 percent to close at 3,841.27 points, the first close above 3,800. Turnover in Shanghai A shares was heavy at 188.73 billion yuan (US$24.446 billion).
The central bank's announcement on Sunday that it would raise reserve ratios by 0.5 percentage point was taken as mildly positive, implying it saw no need to hike benchmark interest rates -- a harsher monetary tightening step -- in the short term.
Many investors had feared a rate hike over the holiday. "The reserve ratio rise won't hurt the market a lot. The index is still in an uptrend," said Haitong Securities analyst Zhang Qi, although he added that risks remained high with the market up more than 40 percent so far this year.
Every one of eight local fund managers, brokers and analysts informally surveyed by Reuters last week predicted the index would exceed 4,000 points in about a month, boosted by huge sums of money entering the market from newly created mutual funds.
Two big listings on Monday showed the strength of investor sentiment. Aluminum Corp. of China (Chalco) tripled from its offer price to end the morning at 19.16 yuan, far above many analysts' expectations of 10-15 yuan. Weichai Power Co. soared 222 percent to 65.95 yuan.
Chalco's leap created a massive 111 percent premium for its A shares above its Hong Kong-listed H shares , which ended the morning slightly lower at HK$9.20.
still call for buy on dip for mid-term investor as it should touch $2 within six months (after the negotiation with BIG ELEPHANT concretize)...good luck and not for contra
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Posted: 09-Apr-2007 11:01 |
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still call for buy on dip for mid-term 1-6 months investors...foresee will reach $2 by end of year...good luck and not for contra |
accumulate for sure gonna shine soon once the analysis start covering it, no regret for sure
Yeah.... Got potential... But because of the bad thing that happened to it last time, investors are now quite weary of it...
Also, because of the recent run up, I think there is possibility that it can go down a bit.
Will accumulate when it reaches a reasonable price.