I hope those people who solely bought for the dividends manage to cash out and take profit early on their short term trade. From the chart, it does not look pretty good for SPH. I have attached a chart of SPH below.
MACD line has cut the signal line from the top at a very steep angle coupled with a very strong volume shown in red arrow. It suggests more downside for SPH. The first support may be $3.14 which was the low on the 28 Oct 2008. The next support could probably be the oversold level on the RSI(14) indicator as shown in red circle. So I believe it is prudent to hold your purchase if you are planning to buy SPH.
2 comments:
i think some people may have misinterpreted my meaning of bearish. i meant its short term outlook based on chart. there is no doubt SPH is fundamentally a good stock to hold. just that i prefer to catch at a lower price :)
thanks donald. there is nothing complicated and intelligent about my blog. just some interesting information to share and useful materials especially for the newbies :)
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