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Rotary Engineering: Will It Continue The Uptrend?
Trend Spotting | 22 October 2013
By: Robin Han
Articles (102) Profile

Rotary Engineering has been on the uptrend over the last three months. It hit an 18-month high after it broke the resistance at around $0.63.

Rotary is a strong counter and the uptrend may continue. While the Straits Times Index had a pretty deep sell down between late-September and early-October, the counter managed to hold well and even hit the new high – this is a signal of strength. Both weekly and daily charts show that the Moving Averages and the MACD histogram are on a stable uptrend.

One may consider buying on weakness during pull back, and expect the uptrend to continue after consolidation.

According to the most recently announced 2Q13 results, the company reported improvement for both revenue and profit in 2Q13. This provides a good fundamental basis for the uptrend as well.

Weekly Chart Of Rotary Engineering

Daily Chart Of Rotary Engineering

Robin Han is a Ph.D in Department of Chemical and Biomolecular Engineering and has got a solid foundation in the financial markets.

Please click here for more information about this author.

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