• Synear is now sitting exactly on its resistance trend line at S$0.245. However, a doji candle formed yesterday, suggesting the bulls and the bears are still in battle. If the price closes above S$0.245, the stock could continue to edge higher to test S$0.28-0.30 next.
• Technical indicators are still positive but appear to be losing momentum.
• It may take a short-term breather for now if it fails to overcome the immediate resistance. Investors who bought earlier may want to take some profits here and let the rest ride if prices edges above S$0.245. Investors looking to buy may want to accumulate near the support levels of S$0.21 and its 30-day SMA at S$0.19.
Synear Food Holdings is engaged in the development, production and sale of quick freeze food products under its "Synear” brand name. It produces a variety of quick freeze food products including savoury dumpling products, glutinous sweet dumpling products, and other products including glutinous rice dumpling products and specialty desserts and snacks.
China Sky Chemical Fibre Co. (CSCF SP; S$0.145) – SELL
• The stock tested the S$0.185 resistance and failed to close above it. This failure suggests that there is likely more downside ahead. The close below its 30-day SMA is another negative for the stock.
• Indicators are weakening with the MACD confirming its dead cross.
• With its RSI pointing lower, we expect the stock to continue to edge lower to test the S$0.12 support once more. The next support is at S$0.105.
China Sky’s principal product lines is nylon Full Drawn Yarn (FDY), nylon (lustrous) FDY and nylon High Oriented Yarn (HOY). China Sky's products are currently sold under its trademark and brand name "Tianyu".
Jiutian Chemical Group (JIUC SP; S$0.06) – BUY
• The stock broke out of its bullish wedge pattern a few days back. Yesterday strong run confirmed the positive breakout.
• However, yesterday’s run took the RSI into overbought levels. Hence, we could see a minor pullback for the stock. However, with MACD still positive, any weakness should be seen as an opportunity to buy.
• Traders should buy near the S$0.045-0.05 support with a stop placed at S$0.04 or below. The breakout targets S$0.08 next if the S$0.06 resistance is breached.
Jiutian Chemical Group is principally engaged in the manufacture and production of methanol, dimethylformamide ("DMF") and methylamine. The Group is also engaged in the processing and sale of consumable carbon dioxide and oxygen.
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