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.
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