Monday, July 25, 2011

Tuan Sing

Tuan Sing: CIMB has Technical Buy Call. Note that share price is consolidating in a triangle pattern with prices holding above its 30-day SMA. If the candles can swing past its previous swing high of $0.385, and expect the stock to edge towards $0.405 and $0.42 next. Indicators are showing signs of improvement. MACD has swung back into positive territory while RSI has also bounced off lows. These could be seen as early signals for stronger rebound ahead.
Stock is a buy now with a stop placed below its recent swing low of $0.345. In the immediate term, a triangle breakout should instill greater positives into the stock and push prices towards the stipulated resistance levels.

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