Monday, October 29, 2012

Suntec Reit (technical)

Suntec Reit: the key moving averages are trending up strongly, while stock price has been making new 52 wk highs; these are strong signs of positive momentum. Nevertheless, RSI and Stochastics are registering very overbought signals, hence we would be cautious of a minor pullback in the near term as share price approaches the two year high and major resistance level at $1.65. A retreat toward the $1.55 resistance-turned-support may provide lower risk entry opportunities.

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