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MIDCAP-Singapore's SIA Engineering poised for reversal - technicals
March 14, 2012 / 10:18 AM / 6 years ago

MIDCAP-Singapore's SIA Engineering poised for reversal - technicals

Shares in Singapore’s SIA Engineering Company Ltd look overbought at current levels, technical charts suggest.

The stock is trading near its resistance level of S$ 4.10 and could reverse from here.

The stock’s Relative Strength Index, a momentum oscillator, is at 75. A level above 70 is considered overbought.

Average Directional Index, an indicator that measures the strength of a trend, is at 53. A reading above 50 generally indicates a stock is overbought.

However, a break above S$ 4.10 levels could push the stock higher to around S$ 4.40 levels.

At Wedneday’s close of S$4.05, the stock is near its mean price target of S$4.23.

Year-to-date, it is up over 19 percent compared to an almost-13 percent rise in the benchmark index.

For a technical chart:

Reporting by Rajesh Chandnani; editing by Sunil Nair

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