Monday, April 10, 2006

Star Stock: GES something is brewing?





Immediate Resistance: 1.02/1.03
Immediate Support: 0.98

0.98 GES is up 2 cents even though most of the singapore stocks have ended lower today. Looking at the chart, GES has an abnormal high volume today. On opening, GES has already gap up a cent, there may be something that is brewing which we are unaware of. In addition, it seems that GES has formed Wave 1 from 0.935 to 1 and Wave 2 from 1 to 0.97. Currently, it should be in Wave 3 with a price target 1.07/1.08. However, Wave 3 is usually the longest among all the waves. Since Wave 1 was formed from 14 Mar to 31 Mar, the price target of Wave 3 should be not be reached in the short future. Instead, GES may need to cover up the gap between 1 to 1.01 that is created today. Recommend a buy between 0.98-1 with a initial price target of 1.07/1.08. Cut loss if 0.975 support is lost!

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