• The stock is still entrenched in a short-term uptrend rally after bottomed out at $0.32. Expect it to test the S$0.56 resistance trend line soon. Its 30-day SMA is likely to play catch-up and this would cushion any shortfall.
• Although MACD is still rising, RSI indicator has turned overbought. The mixed technical readings suggest that volatility could rise over the near term, despite our bullish view on the stock.
• Due to the overbought RSI, we prefer to accumulate at lower levels. Initial support is seen at S$0.49 followed by S$0.465.
Genting International P.L.C., through its subsidiaries, develops real estate properties. The Company also provides sales and marketing services to leisure and hospitality businesses. Genting International provides loyalty card program.
Raffles Education Corp (RLS SP; S$0.39) – SELL
• Still stuck in its medium term downtrend channel. Three previous failed attempts prove that the resistance trend line is strong and likely to cap further gains. A fall below its 30-day SMA is also a bearish sign.
• Technical indicators are showing signs of exhaustion. MACD is poised for a negative crossover while RSI has also hooked down. Support is weak at S$0.35 and S$0.31.
• Investors should do well selling into strength, possibly near its S$0.43 resistance. However, if share prices were to break above the trend line resistance, the technical landscape would totally change.
Raffles Education Corp Ltd provides training programs and courses in various are as of design and management. The Company's education services include fashion design, visual communication, multimedia design, interior design, design management, fashion marketing, and business administration.
Transcu Group (TSCU SP; S$0.235) – SELL
• The stock may have rebounded from its recent low at S$0.095 but we think there is still downside risk. A break below its bearish rising wedge pattern would send the stock lower towards the S$0.195 and S$0.185 supports.
• MACD is losing momentum while RSI is fattish. If RSI turns oversold, it also reflects that buyers are losing steam.
• Continue to take profit on rally as the recent lows may not be the rock-bottom. Resistance is at S$0.24 and S$0.245.
Eng Wah Orgnization Limited changed its name to Transcu Group Limited following the completion of the reverse take over of Transcu Ltd. Trading under the new name with effect from 21 November 2008.
Venture Corporation (VMS SP; S$5.17) – BUY
• Renewed buying interest lifted the stock from its 30-day SMA to test its 38% FR levels. Friday’s breakout suggests that the uptrend may prolong, likely towards the next resistance at S$5.50.
• MACD continues to gain strength while RSI is fast approaching the overbought territory. Price volatility may rise but we are still bullish on the stock. • Prefer to buy on weakness, possibly near its support at S$4.83. Cut losses however if prices fall below S$4.62.
Venture Corporation Limited provides contract manufacturing services to electronics companies worldwide. The Company also provides manufacturing, design, engineering, customization, and logistic services. Venture Corporation trades and manufactures electronics and computer-related products, develops and markets color imaging products for label printing.
Jadason Enterprises (JAD SP; S$0.045) – BUY
• A base building formation is seen on the daily chart. Breaking above its 30-day SMA is positive but investors should always adopt tight stop loss strategy.Resistance is at S$0.05 and S$0.06.
• Technical landscape has improved. MACD is gaining momentum and has penetrated into the positive zone while RSI is neutral at 59.
• Immediate support is at S$0.035. Breaking below its recent lows of S$0.03 would violate all the bullish indicators.
Jadason Enterprises Limited distributes and trades machines and materials for the printed circuit board (PCB) and semiconductor industries. The Company's products include drilling machines, laser plotters, wet processing machines, dry films, drill bits, and laminates. The Company also provides support services for its equipment sale and graphic arts and digital media (G&D) service.
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