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Last Friday, I suggested that a reversal might be on hand as price action formed a white spinning top, with stalling selling pressure and continuing accumulation.
MFI turned up today and OBV is still rising as price action formed a white hammer. Suggestion is for the price to continue rising with immediate resistance being provided by the 20dMA at $2.32. Breaking this will see the recent high of $2.41 tested as resistance and I have an eventual target of $2.55 which should be the top of a longer basing process. The MACD has a buy signal today.
Buying at the current level has limited downside as it would be almost at the support provided by the 50dMA at $2.29. Vested.
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Growth May Slow But "There's No New Recession Anywhere in Sight"
Posted Mar 26, 2010 01:51pm EDT by Peter Gorenstein
My sentiments are similar for 2010. This guy makes sense.
And, as for a double-dip recession, Achuthan says it isn't in the cards. "There's no new recession anywhere in sight. In 2010, the business cycle remains your friend," he says with confidence.
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IMF foresees rapid US growth
AFP - Tuesday, March 30
WARSAW (AFP) - – The US economy looks set to return to relatively rapid growth soon, International Monetary Fund chief Dominique Strauss-Kahn said here on Monday. "The US economy, whilst it has been hard hit by the crisis, may recover rather rapidly," Strauss-Kahn said in a speech at the Warsaw School of Economics, during a visit to Poland.
"It's a flexible economy," noted Frenchman Strauss-Kahn, who is managing director of the Washington-based global lender.
"We'll see how rapid the recovery in the US economy can be. But I'm rather confident that the US economy will grow rather rapidly again quite soon," he added.
In January, the IMF raised its forecast for US growth this year to 2.7 percent from output in 2009, from its earlier 1.5-percent forecast. Strauss-Kahn did not say whether the IMF was set to revise its forecast upwards again.
Bloggy Award
4 comments:
Hi, i would like to ask if you have taken a look at Innoteck? I'm wondering if techonology sector is too matured? or still growing?
Hi Anonymous,
I have not looked at this company but there was a write up in Next Insight and a lively discussion going on in the forum there as well.
http://www.nextinsight.net/content/view/2180/60/
A reader posted his opinions on the company in my blog some time back. See the comments section of this post:
http://singaporeanstocksinvestor.blogspot.com/2010/02/seven-steps-to-creating-passive-income.html#comments
Hi, thanks for always replying. No wonder the stock was so well supported, because of the daily buyback. I guess i will give that a miss for now and lean towards sinomem.
-kelvin
Hi Kelvin,
My pleasure. I enjoy readers' comments. Well, most of them anyway. I had to reject a few as they were not really comments but were more like advertisements and stuff.
Good luck in your investments. :)
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