Following a 30% rally in the past week, Raffles Education looks to be headed lower in the weeks ahead, after failing to clear its 9-month downtrend line resistance as well as the centerline of the Bollinger Band; it has also formed a bearish evening doji star reversal pattern in the process.
Our view is further reinforced by both the RSI and OBV indicators turning down again; they have been in a general downtrend pattern over the last two months.
We peg the immediate support at $0.345 (52-week low), ahead of $0.22 (Oct’ 05 low)
Meanwhile, any upside could likely meet resistance near $0.45 (Mar ’09 peak, 9-month resistance and center Bollinger band), ahead of $0.50 (50- day and 100-day MA).
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