Still buoyant
- We observed that Swiber rose steadily and it reverted towards an uptrend
line twice, when it deviated towards 2 standard deviations from the line of
equilibrium.
- We witnessed some consolidation occur on this uptrend line around S$3.38
over the previous week. On 12 Oct, we observed a strong surge in price
on the back of strong volume.
- As the price has broken above the 10-day moving average, coupled with
the short-term stochastic rising out of the oversold region, we can expect
to witness more upside in the week ahead.
- We expect Swiber to head towards the 1st resistance level at S$4.02
before it consolidates. We believe the upside potential would be capped
at the 2nd resistance at S$4.46, which is 2 standard deviations above the
middle line of the standard deviation channel.
- Support set at S$3.38.
October 15, 2007...11:56 am
Swiber
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