Memtech testing support

Evening all,

I have a short technical analysis of Memtech for tonight.

Memtech – M26.SI – started the year holding up above the 200-week moving average. Compared to other stocks, Memtech has done quite okay this year, dropping only 1 cent. From the recovery days of 2009, Memtech has formed a large upward parallel channel. Resistance – which was also the pre-crash level – at $0.125 proved strong, as price got rejected there twice. Now though, after testing the resistance-turned-support level, Memtech is holding this support level. Along with this support level, Memtech is nearing the bottom of its upward parallel channel, which is considered a “buy territory”. I will be looking for a surge up soon for Memtech, if not, price will drift out of the channel. Indicators do not give me any bearish divergences, so I am confident of a move up soon from Memtech.

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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