Thursday, 5 July 2012

Singapore Stock Tip: Mewah showing Triple Top Breakout!

Although we have seen palm oil stocks in a downtrend since February 2012, we also noticed that quite a few palm oil stocks are turning up. This is probably due to the increase in demand of crude palm oil (CPO). According to Reuters, Malaysian CPO futures have risen to a one-month high on Monday (2 July 2012).

Mewah International is a palm oil related stock. This stock has fallen from $1.20 to a low of $0.36. Recently, it hit the low of $0.38 twice before bouncing off its support, resulting in a double bottom chart pattern. Right now, we can see from the chart that the price has broken the top right of the box at $0.43. This price has turned from resistance to support. If the price falls below this level again, the stock might lose its momentum to climb higher.

Andy Yew
ART Founder

Radio FM958访谈 2018年11月15日:世界股市展望 - 现在是熊市吗?

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