• The stock appears to have built a base above its 30-day SMA and look poised for a move upwards. It could climb to test its last support-turned-resistance at S$0.12-0.13.
• Daily MACD continued to edge higher and so is its RSI. A rise in volume is likely to lend the bulls a hand in lifting the stock.
• Aggressive investors may want to buy now with a stop placed below its 30-day SMA at S$0.085.
China-Sports International Limited is principally engaged in the design, manufacture and sale of sports fashion footwear and the design and sale of sports fashion apparel under their YELl brand.
Oceanus (OCNUS SP; S$0.145) – BUY
• The stock broke out above its resistance trend line on strong volume. More upside is likely to follow in the coming days as buyers pour in.
• Both indicators continue to edge higher. Any weakness towards the support at S$0.12-0.13 is a good level to get in.
• As the momentum is still on the rise, the stock is likely to test the upper resistance at S$0.16-0.165 next. The breakout above this resistance could see the stock climb to try to take out the strong resistance at S$0.195.
Oceanus is a marine aquaculture specialist focusing on large scale; land based industrialised production and sale of premium quality Japanese Abalones. Its principal activities are the research and development, breeding, intensive production and sale of this luxury product.
China Hongxing Sports (CHHS SP; S$0.125) – BUY
• The stock has broken out of its downtrend channel and also its 30-day SMA. There is a good chance that the stock could see a strong run to close the gap at S$0.135-0.14. S$0.155 is the next target if this gap is filled.
• Both indicators are positive at the moment, supporting the view for higher prices ahead. The bullish divergence on its MACD is also a positive sign.
• Buy now with a stop loss place below the trend line at S$0.095.
China Hongxing manufactures its sports footwear at its production facilities in Quanzhou City, China and has a current annual production capacity of approximately 17.9m pairs of sports footwear. The manufacture of sports apparel, sports accessories and a portion of its sports footwear are subcontracted to selected contract manufacturers who meet the quality and design requirements of the Group.
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