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Chip Eng Seng in the “Cup”
Trend Spotting | 19 June 2009
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By: Xavier Lim
Articles (51) Profile

Based on its daily chart, Chip Eng Seng has formed a saucer base and looks likely to continue to form a cup and handle formation.

Although, the 14-day RSI and the MACD are heading downwards, indicating weakness of the stock, trading volume however is low during this decline. Tendency for the stock to make its move back up to test the old high is highly possible (must be accompanied by increasing volume), even though there will be a short period of consolidation of 1-2 weeks in this duration. This type of cup and handle formation indicates the potential for an uptrend. 1st Resistance line will be around at $0.48.

1-year period daily chart of Chip Eng Seng
Armed with an arsenal of investment knowledge, Xavier is the Senior Research Editor at Shares Investment.

Please click here for more information about this author.

Chip Eng Seng Corp  0.685 -- --   
Business: [FY18 Turnover] Property development (70.2%), construction (21.8%), hospitality (5.9%), Corporate, property investments & education (2.1%).

Insight: Feb-19, FY18 revenue increased 27% to $1.1b, contr... Read More

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