Raffles Education Corp. (E6D.SG) +1.6% at $0.32, extending gains since Friday’s breakout above $0.30 for first time in more than two weeks, says Dow Jones. Immediate resistance at 100-day moving average, last at $0.35.

Recent interest supported partly by purchases by CEO Chew Hua Seng, spouse in open market. Still, stock down 22.2% year to date on lingering concerns over dwindling student enrolment, especially in China, lack of near-term catalysts as contributions from new colleges not expected until several years later.

“While it appears that the worst may be over for REC, we think that the short-term outlook remains muted. We opine that enrolment numbers still need to show a sustainable increase,” says OCBC Investment Research, which has Hold call with $0.33 target.