Monday, September 29, 2014

Starhub ($4.13) - Temporary rebound in force

A temporary rebound is underway for which resistance appears at the confluence of the moving averages at $4.16. That leaves limited upside in the short term. The decline is likely to resume soon, with support established at the thrice-tested $4.02 level.

Volume remains lacklustre, an indication that buying pressure is absent. There are sporadic bouts of selling, when volume expands on black-candle days. ADX is very low, at 11, an indication that prices are unlikely to decline sharply, which at this stage is a saving grace.

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