Vard (technical)

Vard Technicals: decline from its Sep 2012 major and all-time Wave 5 weekly high of SGD1.70 took the form of a bearish weekly Elliott Wave 5 fall to its recent low of $0.76 (Jul 2013). Against the volatile and weaker movements of the FSSTI, this stock has moved down and surpassed the index on the downside. An ability to surpass $0.76 would mean further downside for the stock. Support areas indicated are very weak, while heavy selling at the resistance level will cap its rebound. Most of its indicators are very weak, with the negative weekly CCI, DMI, MACD and Oscillator depicting further strong selling pressure. 18 and 40 simple moving averages (SMA) also depict a strong triple time-frame downtrend for the daily, weekly and monthly charts. Therefore, the chart evidence suggests that investors have been selling this Singapore stock over the last 108 weeks. Maybank-KE suggests selling this stock on all rallies. Other info: Support S1/S2: $0.76/$0.81 Resistance R1/R2: $0.835/$1.06 Downside Target T1/T2: $0.79/$0.61 Period: 2 days to 1 month