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Despite rather positive reports, the share price of Sound Global has been in retreat. Mr Market agrees with my earlier musings in July and August on whether it was a good time to sell, it seems.
Mr. Wen Yibo has been accumulating shares of Sound Global in the last one month and currently holds 56.2% of the shares. He probably knows something that we don't but even if we do not know what he knows, what information is publicly available shows that the fundamentals of Sound Global are sound and that the business is growing.
Technically, Sound Global's share price is experiencing weakness since forming a double top two months ago. The top was at 62c and the neckline at 55c. This suggests a downside target of 48c.
If we draw a trendline connecting the highs since early August, we see a resistance line that approximates the position of the declining 20d MA. Failing to stay above the immediate support at 51c and failing to break out of the down trend could indeed see share price moving to 48c.
What then? I would buy more.
Related post:
Sound Global: Retest of resistance likely.
Bloggy Award
8 comments:
Hi AK, what's your sentiments on this now ;)
Hi Kyran,
Really spooky that you should ask. I was just wondering whether I should blog about Sound Global next.
Look out for my next blog post. ;)
Haha, means i have been a 'faithful' reader then...because I know u are close to your entry point now ;P
Hi Kyran,
Haha.. I guess so. ;)
The blog post on Sound Global is published. Good luck to us all.
Thanks for the post!
Have a great holiday :) I will be away for a week too from tomorrow. So will catch up on your blog when i am back haha
Hi Kyran,
I think you are going away on a holiday. I am going away for work. Big difference. :(
Have a safe trip. :)
haha AK, yes the difference is you are going away to make money while i am spending money...
Safe trip too!
Hi Kyran,
There are various types of business trips. This is one trip where no money will be made.
This is what they call a PR trip.
I used to enjoy such trips because there is really very little or no work to be done.
However, as I grow older, long trips grow more demanding. So, I try to avoid. Oh well. If it has to be done, it has to be done! Grrrr... ;)
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