Friday, June 24, 2011

Hu An Cable

Hu An Cable: CIMB has Technical Buy Call. Note that Prices seem to be stuck within its consolidation triangle. It is now finding some support near its SMAs. Both its indicators are still in negative mode, suggesting that prices could remain range bound for the time being. Since, the triangle pattern is at its tail-end, think the downside from here is likely limited…..

Recommend that stock is still a buy now with a stop placed below the $0.25 low. Prices are more likely to test the triangle resistance at $0.32 and a breakout above $0.32 would be bullish for the stock, targeting $0.355 or higher in the longer term.

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