ZTE Corporation, China's largest listed telecoms manufacturer (on both Hong Kong Stock Exchange and Shenzhen Stock Exchange) is the pioneer of China’s telecommunications equipment manufacturing industry, and a comprehensive provider of telecommunications equipment, mobile terminals and services. With its three product series, i.e. wireless, network and terminal (mobile phone), ZTE is capable of providing global customers with diversified integrated telecommunications networking solutions and a wide range of professional services on a 24×7 basis, and has been involved in the market of international telecommunications operation services.
Its price last closed on a new month's high of HKD 31.40, after reaching an intraday's high of HKD 31.90, which is the resistance shared by both extended Cup & Handle formation and right-angled triangle shown by the red curve line & darker green zone area. While price could potentially escalate towards Zone B (price acceleration zone) within the next few days, an extended Cup & Handle scenario (Zone A) constrained under a rising wedge offers a re-entry opportunity guided by the illustrated catchment entry line. Under both technical circumstances, expect price to propel beyond the HKD 32.00 psychological barrier once either of these resistances is taken out.
On a less bullish tone, the wait to break the aforesaid resistance could be stretched should price engaged within the boundaries of right angled triangular formation (dark green), with zone completion point finishing at extreme tip of Zone C.