Tuesday, January 8, 2013
2:26 PM Admin
Buying Recommendation on Tat Hong
The stock broke out of its short term consolidation triangle yesterday on rising volume. We expect prices to test the upper end of the uptrend channel resistance I the near term.
Its MACD and RSI are beginning to turn up one more after holding at their respective support levels.
The stock is a buy now with a stop placed below S$1.36. The next resistance at S$1.48 is likely to be tested. We would not discount the rally to surpass that level and test S$1.55 next.