Boustead

Boustead: OCBC Technicals sees more upside in the counter, after share price rebounded off both the $1.62 key support and 6mth uptrend support recently. This was followed by a bullish break above its 3 mth downtrend resistance on heavy volume. The MACD has just initiated a bullish cross over, and climbed back above the centreline. This suggests that upside momentum has been renewed. The house tips that Boustead could recover further towards the next key resistance at $2 (key psychological level) in the weeks ahead. Tips a stop loss exit around $1.58, slightly below the firm horizontal support of $1.62.