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Technical Outlook (Ho Bee Group; City Developments)
Trend Spotting | 10 September 2012
By:

Written By: Andy Yew

Ho Bee Group closed at $1.295 on Wednesday (5 Sept). After our last post, the stock has already gone up more than 15 percent. Currently, the price is still above the 10-day moving average (MA) and 20-day MA. In the short and mid-term, we still see this stock on a smooth uptrend. Compared with the overall market where most stocks have turned down, Ho Bee seems to have disregarded the market and is continuing to move higher to break the Long term downtrend line (Blue Line) which starts from 2010. For the mid term, the next resistance we forecast is somewhere around $1.44 and the support level is around $1.23.



City Developments
closed at $11.27 on Wednesday (5 Sept). Since the beginning of 2012, this stock has been making a higher highs and higher lows, forming an uptrend channel (See the red lines). Though the uptrend channel tells us that this stock is more likely to be on an uptrend for the long term, the mid-term indicator – 10-day MA and 20-day MA – is showing otherwise as both the MAs are pointing downwards, confirming a short term downtrend. For the mid to long term, the next support we see is the 200-day MA which is somewhere around $10.50. The resistance level is somewhere around $12.00.

For more information on related posts by this author, please visit www.andy-yew.com.


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