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STOCK ALERT - Singapore's Jurong Tech up on industry consolidation
Market is unforeseenable.
But based on 61.8% Fibonacci analysis, it shoould be good Buy and HOLD.
The recent TP is $1.25 from CS if I am not mistaken.
how now? It surged up over 1.03 for a while, fluctuated ard 0.93 as predicted in some forums...wat are the futures for this company?
In addition to applying Fibonacci concepts in the stock market...
It is a real fascination to delve into this grand phenomenon in the world we live in... One cannot help but be awed by it all...
The Golden Mean... The Ratio... etc
"Nature" itself has becomes intelligent
(though there's no lack of "natural blunders" as well)
Heading for 61.8% Fibonacci support
- Jurong Tech has been in a bearish trend since Sept 2005. It has now lost more than 50% of the gains since its peak at S$1.91.
- Breaking out of the sideway trend between Aug 2006 to Feb 2007; Jurong Tech breaks below its previous low of S$0.925 last week. The traded volume of 25 million shares for the week ending 16th Mar 2006 also exceeded the traded volume of 16 million shares in the week where its previous low of S$0.925 was set. This is a strong indication that Jurong Tech will head slightly lower in the near-term.
- Elliot wave counts indicate that Jurong Tech is in its final phase (Wave C) of its 3-wave correction (A-B-C).
- The positive divergence observed on the MACD is an early warning indication that we can expect Jurong Tech to form a base soon. We expect the price to head towards the 61.8% Fibonacci level at S$0.80, which may form a medium term support for Jurong Tech.
- In the event that the 61.8% Fibonacci level at S$0.80 fails to hold, the next level of support can be found at S$0.68.