- However, the rebound appears to be waning as it approaches what seems to be a very tough resistance at S$4.90, provided by a combination of the lower channel line, the 50-day MA, the 100-day MA and the upper Bollinger band.
- Although the MACD indicator remains slightly bullish, the other technical indicators have turned slightly negative; the stochastic indicator has cut down just inside the overbought region, and similar moves in the past saw subsequent price declines.
- Meanwhile, the OBV indicator’s 5.5-month downtrend pattern remains intact and the RSI indicator has shown a tendency to cut back down just above the centre line.
- As such, we see a possible pullback to the immediate support around $4.31 (Nov ’08 low), but should hold above $4.00 (2009 low).
- And should the S$4.90 cap give way, the next resistance is at $5.85 (2009 high)
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