Tuesday, April 24, 2012
Ezion: CIMB note that charts tip Ezion as Sell, as its rally from Sept appears to have completed five waves. It notes the stock closed below its channel support and its 50-day simple moving average Monday. With the confirmation of the breakdown of its head-and-shoulders pattern, the RSI suggests weaker prices ahead. Tips initial support at $0.815, with the likely further correction to have a near-term target at the wave-four low of $0.775-S$0.78. $0.70, its 200-day MA, could also offer support, it says. CIMB tips initial resistance at $0.97, and says as long as the next resistance at $1.03 is intact, the stock should remain in consolidation mode.