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Straits Asia Resources (AJ1.SG) +1.6% at $2.54, extending gains after yesterday’s 6.4% rise in good volume of 20 million shares.
OCBC in technical note, says break of key resistance suggests further upside, uptrend channel intact; “Straits Asia could see more upside ahead after rebounding off the 50-DMA and lower boundary of its 2-year uptrend channel recently; this was later followed by a strong bullish break above the $2.37 key resistance on heavy volume yesterday.”
OCBC in technical note, says break of key resistance suggests further upside, uptrend channel intact; “Straits Asia could see more upside ahead after rebounding off the 50-DMA and lower boundary of its 2-year uptrend channel recently; this was later followed by a strong bullish break above the $2.37 key resistance on heavy volume yesterday.”
Says indicators also turning bullish, with RSI still trending towards overbought region, MACD having just initiated bullish crossover yesterday, “these suggest that the upside momentum could be building up now.”
Tips initial resistance at $2.74 (Jan 2010 peak), then $3.15 (support-turned-resistance). Adds, immediate support at $2.37 ahead of $1.92 (key resistance-turned-support), $1.60 (July 2009 trough).
