Ziwo

Ziwo: +2.5% at $0.41 with a heavy 14.7m shares traded, extending gains over the last 3 sessions to +10.8% after announcing Dec 29 that it had obtained approval from SGX to extend the deadline for placement of new shares (in conjunction with its proposed TDR listing) to 31 Jan 2011. UOBKH says Ziwo's share price has been making equal highs and higher lows, forming a bullish ascending triangle since late-Sep, indicating an increasing reluctance to sell…

Says Friday's move above prior resistance at $0.38, with a corresponding spike in volume confirms the breakout. Adds directional indicators (DIs) are positively placed with the ADX turning upwards, while RSI made a 3-mth high. Expects resistance at $0.45, with support at $ 0.38.