Posts
Raffles Education extended gains yesterday and closed at 30c, the resistance provided by the 200dMA. A wickless white candle was formed on the back of increased volume. OBV rose steeply, signalling accumulation. MACD rose into positive territory, signalling the return of positive momentum.
MFI and RSI rose higher, crossing into overbought territories. Although signalling heightened demand and positive buying momentum, the indices, being in overbought regions, suggested that further gains could be limited. This panned out today.
A doji was formed today, suggesting indecision. Although the momentum oscillators continue to rise, the OBV has flattened, signalling a stop to accumulation. The explosive rise in price could be at an end. Pull back could find support at 27.5c and 26.5c, as provided by the 100d and 50d MAs, respectively.
Related post:
Raffles Education: Sold at 27.5c resistance.
Raffles Education +5.5%; buybacks give confidence - Kim Eng
Thursday, 06 January 2011
Thursday, 06 January 2011
© 2011 - The Edge Singapore
Bloggy Award
0 comments:
Post a Comment