ST Engg in an upward parallel channel

Evening all, this is the second post of the day.

I have found an upward parallel channel in ST Engg, S63.SI. Straightaway, this is a bullish pattern on the chart. On the weekly chart, the 50-week MA is acting as support for ST Engg as well.

On the daily chart, the 200-day MA is just inside the channel. All I can get from the chart is that ST Engg is close to a region of support. There is still room for downside, but I see ST Engg as looking quite okay from the chart. As long as price does not break below key support levels, I do not se why ST Engg cannot test its 2007 highs some time this year.

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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