Chip Eng Seng (CES) staged a rebound after hitting a low at S$0.575 in early Nov but suffered a minor correction recently. - However, the pullback over the last 2 trading sessions was made on the back of low volume. Coupled with the MACD still in an uptrend, this suggests that the pullback would be short-lived and the price ascension will resume- Nevertheless, we feel the upside may be limited due to the strong resistance from the up-trend line which connects the higher lows formed between Mar and Aug, the down-trend which connects the lower highs formed between July and Oct, and the moving average lines which are currently trending above CES’ price.- We have a resistance level at S$0.755 and support level at S$0.575.
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