• The stock broke below its short term uptrend channel and has been trading sideways since then. The breakdown also suggests that the longer term downtrend has resumed. Resistance is at S$0.30.
• Its MACD just confirmed its dead cross while RSI has hooked down after failing to climb above its trend line.
• S$0.26 and S$0.21 could be tested soon. Since it is trading below its 30-day SMA, investors would likely do well selling on strength.
Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells crude palm oil and palm kernel. The Company also refines crude palm oil into cooking oil, margarine, and shortening for sale and distribution.
Synear Food Holdings (SYNF SP; S$0.16) – SELL
• The stock continued to drift further away from its 30-day SMA. Any rebound would likely be futile. Resistance is at S$0.19 and S$0.23.
• Technical indicators are still weak. MACD is still negative but RSI is oversold.
• A temporary bounce could take place next as it is sitting on its minor support at S$0.155. Maintain the sell into strength strategy for now. The next support is at S$0.11-0.115, its October lows.
Synear Food Holdings Ltd. produces and markets quick freeze food products. The Company produces dumplings, desserts, and snacks.
China Hongxing Sports (CHHS SP; S$0.09) – SELL
• The stock is still in its downtrend channel. The selling does not appear to have eased. The next support is at S$0.07 and S$0.055 (the middle support trend line).
• Indicators are still negative but the oversold RSI could prompt a minor rebound.
• It is best to stand aside for now as there are no clear sign of where the bottom would be. Maintain our sell on rebound call for now. Resistance is at S$0.12 and S$0.135-0.14.
China Hongxing Sports Ltd. designs, manufactures and markets athletic shoes, and markets sports apparel and accessories. The Company sells its products in the People's Republic of China.
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