Yongnam
MFI went from 53% to 68% on rising volume. ADX increased from 16% to 17%. Both RSI and CCI are rising from previous days, and heading towards overbought region.
However there seemed to be a resistance at $0.23 as buyers tried to push the closing beyond this level. Friday ended with a open and close at $0.23.
We will wait and see for the breakout to happen on Monday. If the buyers are able to push the closing above $0.23, the next price level to be worry about would be at $0.26.
Recommendation
LONG at $0.235
STOP LOSS at $0.200
TARGET PRICE at $0.26
Reward/Risk Ratio: 0.71
Updates
Apr 24, 2008: Yongnam And KTC Secure S$81.4 Million Contract For Marina Bay Sands Integrated Resort Development
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