August 9, 2013 (Chinavestor) China Unicom (NYSE:CHU), the second largest mobile carrier in China, jumped 6.74% on Thursday with sound volume. Investors want to know if this rally was sustainable or was it time to lock in profits?
The jump on Thursday came on top of a longer rally, starting as early as June 24. But as a price chart going back to the beginning of the year reveals, China Unicom (NYSE:CHU) hit a similar resistance level at this price earlier this year in the first week of May. Also, China Mobile (NYSE:CHL), listed in Hong Kong under ticker symbol HKG:0941, was among the weakest performing Hang Seng Index component on Friday. Obviously there is no wide support for the telecom sector.