Wednesday, March 20, 2013

Singapore Stock Chart - China MinZhong

China MinZhong Food Corporation has been trending up since the beginning of this year, we see potential in this chart as the price has recently breakout of the 52-week high. However, after the news that PT IndoFood Sukses Makmur Tbk bought entire Government of Singapore Investment Corporation’s stake in China MinZhong, the price fell below 10 days Simple Moving Average (10SMA – denoted by the blue line) and also the supporting trendline. The chart also showed us that the support at $1.10 has been holding quite well as the recent price bounced off from it. One may consider to long this stock if the uptrend resume where the price rise above the 10SMA and price rise back into the uptrend channel. Resistance could be seen at $1.26 followed by $1.40. The mid-term uptrend will be violated if the price fails to move higher and break the support at $1.10.