Thursday, November 29, 2012

United Engineers (technical)

United Engineers: OCBC Technicals says the counter could resume its long-term uptrend after initiating a rebound at its lower channel boundary support and the $2.38 key support recently; this was followed by a bullish break above its 2-month downtrend resistance on heavy volume yday. Notes MACD has just initiated a bullish crossover as well; this suggests that the upside momentum is picking up again. Believes the counter is likely to head higher towards the next key obstacle at $2.64 (key peaks) in the weeks ahead. Eyes immediate support at $2.38, while tipping a stop-loss exit slightly below at around $2.35.

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