Disclaimer


The contents in this blog is solely for information purposes only. All expressed views and technical analysis in this blog do not constitute buy or sell recommendations. Readers should do their own research and due diligence as well as consult with an investment professional before making any investment decisions. The author will not be held liable nor accountable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.

Wednesday 24 September 2014

ECONBHD

Periodically,  TCB will pick a stock we may like to trade short term.  So, this week, TCB have picked the stock, ECONBHD to put in *Stock In Focus (SIF)*.  Please do not take this as a buy signal as our TA reading for these stocks are for sharing purposes only.  Do calculate your own risk/reward ratio if you decided to trade this counter.





--ECONBHD Daily Chart--


 Since its listing on the main board, Econbhd has been riding on an uptrend.  From 0.605, it trended up to a high of 1.22 before it went into a consolidation phase.  The uptrend was halted by the subsequent break down in the uptrend line on 28/8 when it broke 1.01 .  Consequently, it was traded to a low of 0.955 before finding traction at 0.965 where it settled into a support base.  The current consolidation phase appears to be over and it is expected to test its immediate resistance at 1.13 backed by an immediate support of 1.05 .

 Overcoming 1.13 would set it off to trend towards the previous uptrend line which is now the  resistance at 1.22. A successful penetration of  1.22 would signal a trend reversal and it is expected to challenge its immediate target of 1.30 and beyond. The recommended stop loss price is 0.95.
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