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Raffles Education's recent stellar performance in the stock market is now explained. It "has identified a property developer in Singapore to co-develop the Oriental University City (OUC) land to monetise its SGD394m investment in the university city." Read article in Next Insight here. This development is unexpected and could also explain the constant insider buying of the company's shares in the last few months.
Technically,the OBV indicates that accumulation is ongoing while the MFI and RSI are in overbought territories. Although in extremely bullish situations, they could remain overbought for a long while, it is wise to stay cautious and not chase the price higher.
The 200dMA has flattened at 30.5c and it could be resistance turned support. Of course, it would be nice if this could be confirmed if a correction in price happens.
I have fully divested my smallish investment in Raffles Education and extend my best wishes to all who are still vested.
Raffles Education +4.7%; BNP bullish; keeps Buy rating on the stock with a $0.33 target. $0.350 is likely the near-term cap.
Friday, 21 January 2011
Friday, 21 January 2011
© 2011 - The Edge Singapore
Related post:
Raffles Education: Broke resistance.
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