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MEDIARING CHEONG ARH!!!

Mediaring (41 cents) ? a week or so of further base building at 40-43 cents should lead to test of 45--46 cent area and possibly January?s 48 cent high

Today?s more active trading, the busiest since May 3, suggests the stock could be completing its month long consolidation around 40-43 cents soon, based on this year?s base building pattern periods which have lasted around 4 to 5 weeks.

Although the current sideways movements may be reminiscent of February-early March pullback after the year?s 48 cent high was recorded at end-January, which led to break of 40 cent support and a fall to 36.5 cent low (coinciding with market correction then) this behaviour is unlikely to be repeated.

The stock should be able to hold on the lower bollinger band (currently at 40 cents) as it had done in the past 2 years with any dips below this band very short-lived and thus offering good trading opportunities.

A healthy sign is that the lower band has turned up recently although the middle and higher bands have fallen, making the bands narrower and hence signalling a likely directional change soon, which should be on the upside.

The weekly bands too are beginning to narrow and this bollinger band signal, which was highlighted in the last trading idea on Jan 12 at 36 cents had proven right. The counter rose to as high as 48 cents in 2 weeks, exceeding the set 44 cent target.

The most recent narrowing in late March also led to a rally from 37 cents to 46.5 cents in mid-April.

The January forecast of a test of last year?s high of 53 cents later this year still stands. Support is strong at 38-40 cents.

The Company's Stock Trading Account is not allowed to buy or sell security contrary to the recommendation in this report for 3 market days from the date of this report, May 222007.

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Mediaring daily chart with bollinger bands