Meituan's short-term momentum is strengthening; the key resistance level has become the focal point for a potential breakout.

The sentiment around Hong Kong-listed tech stocks is warming up. $MEITUAN-W (03690.HK)$ It also exhibited a strong rebound, surging over 11%, with an intraday high reaching 89.9 yuan. Analyzing from the moving average system, this large bullish candle successfully broke through the 10-day (83.48 yuan), 30-day (80.39 yuan), and 60-day (approximately 87.79 yuan) moving averages, showing signs of strengthening in the short- to medium-term trend. However, whether the rebound can evolve into a trend reversal still needs further observation.

Focusing on key technical indicators, momentum is visibly building up. The Stochastic Oscillator (KD) has issued a buy signal, indicating that short-term momentum is transitioning from weak to strong. Meanwhile, the Commodity Channel Index (CCI) also turned into a buy signal, confirming that prices are breaking away from the normal distribution range. The short-term trend momentum deserves attention. However, some other indicators remain cautious; for example, the Relative Strength Index (RSI) is at 54, in the neutral zone, not yet entering overbought territory, leaving room for future gains. But overall, the technical indicator summary strength is '8', still classified as 'neutral,' reflecting that although the market leans optimistic, a strong consensus on bullishness has yet to form, and divergence remains.

In terms of key price levels, the primary resistance level is currently near 90.4 yuan, which is also a previous small trading consolidation area. If it can break through successfully, the next important resistance will be the 97-yuan integer level. On the support side, since the stock price has broken away from the moving average constraints, 80.9 yuan becomes the first strong support, while the more crucial second support is near the prior low of 77.5 yuan, which can be considered the ultimate defense line for this round of rebound.

In summary, Meituan's short-term technical outlook has significantly improved due to a surge in trading volume, with momentum indicators providing positive signals. However, investors should be aware that the stock price is currently facing a test at the resistance level of 90.4 yuan, and the struggle in this area will determine the quality of the rebound. For professional investors, now is not the time to blindly chase highs; a more prudent strategy is to wait for the stock price to effectively break through and stabilize above the key resistance level to confirm a genuine trend reversal. Conversely, if the stock price encounters resistance and retreats again before the resistance zone, one must be cautious about the possibility of it reverting to a range-bound trading pattern. For short-term operations, 80.9 yuan can serve as an important reference point for bullish or bearish sentiment.

On March 30, 2026, referring to the subsequent two trading days, Meituan’s (03690) underlying stock fell by 2.67%, showing pressure on the downside. Corresponding bearish derivatives all recorded positive gains, with $SG#MTUANRP2812Q.P (60671.HK)$ 、 $HS#MTUANRP2807C.P (60508.HK)$ rose by 17%, $UBMTUAN@EP2609C.P (24595.HK)$ a rise of 9%, $BIMTUAN@EP2609A.P (19959.HK)$ and another up 7%. Overall, their performance matched the downward movement of the underlying stock, clearly reflecting the inverse leverage return characteristics of bearish derivatives.

For investors looking to use leverage to capture volatility in Meituan's future movements, the market offers a variety of derivative products. If optimistic about Meituan extending its rebound and challenging resistance, one may consider call warrants with relatively high leverage, such as those with a strike price near 97.9 yuan, $BIMTUAN@EC2608B.C (25814.HK)$ or $UBMTUAN@EC2608B.C (26081.HK)$ , which provide higher actual leverage. On the other hand, if you believe this rebound is only temporary and the market will retest support levels, you might consider put warrants with lower implied volatility and premium, such as $UBMTUAN@EP2612B.P (27240.HK)$ or the highest leverage option, $BIMTUAN@EP2612C.P (27411.HK)$ , with a strike price around 71.83 yuan.

For investors who prefer bull/bear certificates, considering low premiums and high actual leverage, bullish traders can look at those with a stop-loss price of 77 yuan, $UB#MTUANRC2609H.C (64581.HK)$ or $JP#MTUANRC2609M.C (66502.HK)$ . Bearish traders can focus on those with a stop-loss price of 93 Hong Kong dollars and high actual leverage. $UB#MTUANRP2812D.P (61957.HK)$, or pursue lower premiums with a redemption price set at HK$95 $HS#MTUANRP2807C.P (60508.HK)$. When choosing, investors must carefully compare the premium, implied volatility, and the distance to the redemption price of the products in addition to the leverage ratio to assess the balance between risk and return.

The technology stock sector surged across the board today, with significant gains in individual stocks: $HUA HONG SEMI (01347.HK)$rose more than 15%, Meituan, $SMIC (00981.HK)$gained over 11%, $BABA-W (09988.HK)$rose more than 7%, $TENCENT (00700.HK)$ 、 $KUAISHOU-W (01024.HK)$also recorded gains of over 3%. With the overall positive performance of the sector, which stock's subsequent performance do you favor? What favorable conditions do you think Meituan needs to break through the resistance level of HK$90.4? Feel free to share your insights in the comments section. $Hang Seng Index (800000.HK)$

For more market analysis, please stay tuned to 'Hong Kong Warrants Jenny' for daily updates! Disclaimer: This article does not constitute any investment advice. It is for reference only and should not be considered as investment advice. The market data, opinions, and analysis contained herein may change at any time without prior notice. We are not responsible for any loss or damage caused by reliance on the information in this article. Technical analysis only shows whether certain technical conditions are met and should be combined with other data for a comprehensive evaluation of asset performance. Trading decisions should not be made solely based on this article. Please note that past performance is not indicative of future results.

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