Cambridge in buying territory

Good day everyone,

I have a chart of Cambridge, J91U.SI for today. In my last post, I identified an upward parallel channel in Cambridge’s chart. I know quite a number of channels have been violated in the past few weeks. At the top of my mind, I can recall posting about Hong Leong, Mercator, and Swiber. All channels have to come to an end soon or later, but I believe in what I see on the chart, and not what I think will form on the chart. As long as a counter is trading in a channel, I shall have to respect it. After Friday’s selling pressure, Cambridge closed at $0.525, which is where the bottom of the channel comes in at. As a chartist, I will have to take this as Cambridge being in or close to oversold region – which essentially equates to you know what.

I also have a support level pegged at $0.52. I will consider this level an important level. Look at the three down arrows. Recovering from the crash, Cambridge faced rejection there thrice, and shot up on the fourth try. Now, I would be looking for Cambridge to find support here. The 200-day MA is close by, so any short drop should still find support at the 200-day MA.

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.


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