
Singapore Stock Trading Insights | Joey Choy
2019-12-27 16:03:52
Bumitama Agri: Still pushing higher as per revised targets? Price 0.78
About a month back, we saw Bumitama Agri attempting to break the 0.70 resistance level…That was also where the downward sloping channel resistance was, so any move up above that price level can be a good reversal signal…Upside target was drawn towards 0.75 first as seen below..From the moving averages, a longer term uptrend reversal still needed more confirmation,but the short term uptrend was looking quite bullish with it trying to find a new high and with 20 day MA reversing up, crossing above the longer term MAs fast..See below chart what was seen then..Over the next few weeks, we started to see it pushing higher toward our first target that was finally hit at 0.75.Some profit taking set in which is normal given the 6% gain in a few days..Upside target was reiterated again tow