Sheng Siong Ltd – Daily timeframe (Update from 19 Sept 16)
Current Sentiment: Bullish
Support 1: 1.050 Resistance 1: 1.150
Support 2: 1.025 Resistance 2: 1.155
Price proceeded along the uptrend smoothly after the last update as the 20 day moving average kept price firmly in the uptrend.
There was a period of consolidation lately where the 1.09 range high kept a lid on price. Nonetheless, the uptrend was strong enough to break price above the 1.09 range high on 20/10/16 with increasing volume signaling the continuation of the uptrend next.
Expect price to rise next to test the 1.150 resistance area.
Note: Our current fundamental view on Sheng Siong is a Accumulate rating with a fair value of $1.100
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