Morning Trend | PETROCHINA approaches support, is the main force about to act?
On January 7th, at the close, PetroChina Company Limited (857.HK) exhibited an increasingly cautious atmosphere, with short-term pressure permeating the market. Shortly after the opening, the main funds tended to adopt a wait-and-see approach, and the buying and selling forces appeared more balanced than earlier, but there was still no large-scale inflow. The continuous adjustment of international oil prices has caused the entire oil and gas sector to cool down to freezing point, with local funds' risk aversion sentiment rising, and northbound capital gradually retreating, leading to an overall dull trading volume. Recently, the market focus has been on the OPEC production increase issue and the global oil market outlook. Just yesterday, the news of Saudi Arabia's "moderate" price adjustment once again sparked public opinion, with the market interpreting the profit margins for oil giants as not yet improved in terms of supply and demand. Related companies in the sector followed suit, and the atmosphere for cyclical stocks cooled down, with PetroChina, as a heavyweight, inevitably facing pressure. Investors are generally concerned that if international oil prices continue to be sluggish, the company's short-term profit expectations may struggle to shine, which also leads to every rebound during the day being suppressed by the main funds.
From a technical perspective, the MACD has shown a turning point signal, with the 5, 10, and 20-day moving averages collectively declining, indicating a clear willingness to retrace in trend. The support around 8.24-8.28 yuan is under close attention; if it is breached during the day, the risk of a second downward probe will suddenly increase. In the short term, the pressure at 8.43 yuan remains heavy, and there is insufficient confidence for a short-term breakthrough in the funds. The market generally tends to wait on the right side, focusing on whether there will be any abnormal stabilization in the intraday movements, as a major market rally may still require resonance with overseas oil prices. In any case, the technical bottom has not yet been confirmed, and risks during the low-volume consolidation phase should not be taken lightly
Technical Forecast·
