Wednesday, July 24, 2013

IHH Healthcare - Strong Rebound Suggests Further Recovery

SG - IHH Healthcare - Strong rebound suggests further recovery

Strong rebound suggests further recovery

Immediate resistance conquered. IHH Healthcare could see more upside ahead after rebounding off its 5-month uptrend support and $1.55 support on significant trading volume yesterday; its 3-month downtrend resistance was also conquered at the same time.

Indicator turning bullish. The MACD has just rebounded off its centerline as well, suggesting that the upside momentum is building up again.

Next resistance at $1.70. The counter is likely to head towards the $1.70 immediate obstacle (psychological resistance) in the weeks ahead, with the next hurdle pegged at the $1.80 key peak.

Immediate support at $1.55. Meanwhile, we advocate a stop-loss exit at around $1.50, which is slightly below the firm support at $1.55.

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