Spice i2i (M09.SG) +4.0% at $0.130 in above-average volume; stock enjoying 4th session of gains (which breaks losing run since Nov. 18) after it announced the acquisition of NewTel Corp., the second largest local branded handset player in Thailand on Dec. 6.

“It may be early days yet, but the charts show a pickup in volume and the recent news flow on acquisitions show they’re broadening their business after their rights issue,” says a trader at a local house.

Adds, on a daily chart, “there’s some slight accumulation (of volume) and technical indicators seem to have bottomed out. It’s not yet decisively broken out. We need to get past the $0.135-$0.140 area before it starts moving.”

Notes, the RSI has turned up, while the MACD has crossed over, “but its not in positive territory yet. That would be confirmed if it gets past $0.135-$0.140. The signs are starting to emerge.”