ISOTeam – On the verge of chart breakout

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ISOTeam has been testing the resistance of $0.400 – 0.405 on six occasions since 20 Jan 2014. There was a spike in RSI and ADX levels as the share price tested $0.400 – 0.405 on 9 & 12 May. RSI went to an all time high of 77.4 on 9 May. For the next four trading days (14 – 19 May), the share price consolidated around $0.380 – 0.405 and closed at $0.385 today (Monday). Due to this consolidation, ADX and RSI have fallen to more comfortable levels. RSI closed at 52.0 today.
Based on Chart 1 below, ISOTeam remains on an uptrend, supported by the rising moving averages and the rising trend line. Based on my personal observation on chart and price movement, it seems to be on the verge of a potential break out. Measured technical target price on a successful breakout (if accompanied with follow through buying and volume expansion) is around $0.450 which also coincided with the 52 week high.
Support: 0.375 – 0.380 / 0.370 /
0.360 – 0.365
Resistance: 0.400-0.405 / 0.415 / 0.430
/ 0.440 / 0.450
Chart 1: ISOTeam remains on an uptrend, on the verge of a potential break out
Source: CIMB itrade 19 May 14
Interesting developments in April and May
ISOTeam ended their moratorium in January. In April and May 2014, based on my manual observation, there were two days (namely, 16 Apr and 9 May) where there were married trades. These married trades were significant on two fronts. Firstly, the married trades were mostly done at prices which were higher than the last prevailing price. For example, on 9 May, married trades amounting to about 9m shares changed hands with the bulk of it being done at $0.410 – 0.420. As a result of these transactions on 9 May, Singapore Tong Teik (Private) Limited emerged as a substantial shareholder holding 7.5m ISOTeam shares (cost is $0.420), or 6.4% of ISOTeam. Secondly, the volume of the married trades was significant as the total volume of shares transacted on 16 Apr and 9 May amounted to 6.0m and 10.5m respectively. It was noteworthy that the average 30D and 100D volume for ISOTeam only amounted to 868,000 and 478,000 shares respectively.
Conclusion
Against the backdrop of a (likely) positive chart setup and coupled with the above interesting developments, odds are higher of a chart breakout above its six times tested resistance 0.400 – 0.405. Measured technical target price on a successful breakout (if accompanied with follow through buying and volume expansion) is around $0.450 which also coincided with the 52 week high.
Disclaimer

The information contained herein is the writer’s personal opinion and provided to you for information only, and is not intended to, or nor will it create/induce the creation of any binding legal relations. The information or opinions provided herein do not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or invest in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein are suitable for you. The writer will not, in any event, be liable to you for any direct/indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials appended herein. The information and/or materials are provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.

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