Morning Trend | CHANGHONG JH is bottoming out at a low level, will funds dare to follow?

CHANGHONG JH (3991.HK) continuously refreshed its intraday low yesterday, maintaining a weak technical pattern throughout the day. There was a slight increase in volume during the early trading session, but the momentum for intraday rallies was limited, with a prevailing wait-and-see atmosphere dominating the market. As one of the technology growth concepts, the stock has recently lacked sector catalysts, and the overall inflow of Hong Kong technology stocks has been weak, with a noticeable depletion of confidence among major players. The stock price has been fluctuating around the low of HKD 1.10, and it is highly susceptible to intraday emotional influences. In terms of news, institutional focus is concentrated on the industry uncertainties brought about by the escalation of Sino-U.S. technology friction. Although the AI and semiconductor sectors have occasionally been active, the actual benefits to the PC and electronic distribution businesses are limited. Additionally, the overall valuation of Hong Kong technology companies continues to be under pressure, and there is insufficient desire for foreign and public funds to increase their positions. The rotation of overseas technology mainlines and the reduced stability of U.S. dollar liquidity have both affected the speed of capital inflow into Hong Kong and China technology stocks. From a technical perspective, the MACD has turned down multiple times, and the stock price is close to the lower Bollinger Band, indicating a clear lack of bullish signals in the short term. The HKD 1.10 level has become a critical line for the market; if it breaks down with increased volume or if there is insufficient buying support, the downward space will be further opened. Resistance for a rebound is at the HKD 1.15 area. Historical experience shows that without sudden news to activate speculation, short-term oversold rebounds are unlikely to last, and the market is primarily characterized by oscillating and probing for a bottom