Yu Kwan Lung: SINOPHARM (01099) Buy: $22.5; Target: $28, Stop: $21.7
Yu Kwan Lung, independent analyst, said reading from the trend of the share price, 10-day moving average is now at $21.7. It dances above the 10-day moving average, which mirrors to head north. Meanwhile, RSI-14 is 64. It swings above the 60-mark level, which suggests to staying on the strong side.
Analyzing the share price movement, the long-term high ( 7/6/2011 ) is at $28.85 and the previous low ( 19/8/2011 ) is $16.8. Measuring from the recent low, Fibonacci 0.500 rebound from the recent low is at $22.82. 0.618 retracement is at $24.24. It is likely to hold around the 0.5 retracement, and poises to resume an upward trend. However, It is likely to trace further upward trend on strong momentum. (y)
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