Tiger Air: +1.5% at $0.675. CIMB says the airline is an "outright buy" based on charts, with a stop placed below the recent all-time low of $0.625, hit Tuesday.
"Prices have been falling steadily since the $1.97 (rights-adjusted) high set in Sept 2010. We reckon that prices may have hit a significant bottom at $0.625 three days ago, judging from the spike in volume two days ago," the house says. It notes MACD is starting to turn up again and coupled with a hook up on its RSI, "we expect to see a big run from here." The house expects prices "to at least test the moving averages (30-day and 50-day) at $0.74-$0.79 in the near term but it is more likely to continue on towards the S$0.83 resistance levels. In a couple of months, we think that it could even reach as high as $1.00, the downtrend channel resistance."
No comments:
Post a Comment