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SGX Stock Recommendations - China Minzhong Looks Bearish
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Publish date: Tue, 09 Apr 2013, 08:20 PM
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Likely further correction after bearish break
Key supports violated. China Minzhong is likely to see more downside ahead after violating its 3-month uptrend support recently; this was followed by a strong bearish break below its $1.10 key support on increasing volume in the last session.
Indicator is bearish. The MACD has just fallen below the centerline, suggesting that the downside momentum is accelerating.
Next key support at $0.97. The counter could possibly slip further towards the next key base at $0.97 (key trough) for a test in the days ahead.
Immediate resistance at $1.10. Meanwhile, $1.10 is now the newly established support-turned-resistance.
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