Tiong Woon & Wilmar

Tiong Woon, Daily, 10 November 09



We are recommending a buy for Tiong Woon on the open.

Yesterday's (9Nov09), close was above the highs of the previous 2 days. This price action is generally bullish. In addition, Tiong Woon is also at the 50% retracement mark of the current run up, and around the $0.70 level. The stochastics oscillator is also severely oversold. In essence, Tiong Woon has price action at a confluence of support with a severe oversold reading.

Resistance is at $0.75 which is close by, then $0.81, where we recommend taking partial profits so that in the worst case, investors can breakeven. Next resistance levels are at $0.86 and $0.98. Recommended stop is at $0.67.


Wilmar, Daily, 9 November 09



Wilmar has formed a base in the 1hour (not shown) and is pushing higher strongly. It closed yesterday (9Nov09) just below strong resistance and we are anticipating an upside breakout.

Aggressive investors can get in on the open, while more conservative investors might want to wait for a breakout above resistance (S$6.48) and enter on a pullback to S$6.48 to S$6.50.

Recommended stop is S$6.20. The first target is S$6.80 where we recommend taking half of one’s position off the table. Wilmar will almost certainly react to S$7.00. Investors might want to take some more profit off the table here and leave a small portion on, just in case Wilmar makes a new high.

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