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Hock Lian Seng: Steady accumulation.

Sunday, August 29, 2010

Hock Lian Seng's share price retested resistance at 30c. That a gravestone doji was formed in the process suggests that there are many willing sellers at the current level. However, look at the OBV and we see a picture of steady accumulation.  The MFI has formed higher lows which suggests strengthening demand.  So, the sellers at 30c will probably be taken out in good time.


The 20dMA continues to rise and could provide immediate support at 29c.  Breaking 30c resistance would give an immediate target of 31.5c.

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