Monday, October 18, 2010

First Resources

First Resources: Stock Alert, counter trading at its 1 yr high of $1.26. CIMB has technical Buy call with TP of $1.31 and $1.43. Note that prices broke out of its flag resistance few days ago, and expect prices to re-rate towards $1.31 and $1.43 once the longer term uptrend resumes……

Note that Technical landscape is improving with MACD histogram bars continue to gain strength while RSI is rising towards the upper band of the neutral zone. Recommend investors start to nibble. Tip critical support at $1.16 (resistance-turned support level)…..

We note that GoldenAgri made a new year high today at $0.70, which could lead to some 'catch-up' play among its peers.

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