Global Invacom’s uptrend from its 20-day Moving Average has treated investors well, it does not look to be ceasing anytime soon. However, yesterday’s close shows us a reversal doji pattern. This should not be viewed as a bearish move but rather, a pause (consolidation) in an upward trend. The consolidation is needed in order for the stock to move higher in the longer-term.
Upward momentum is going strong with both MACD and Stochastic trending at a positive level. A break out above its resistance of 0.500 will give us an upside objective of 0.550
Strategy: Target price for the short-term is 0.500. Continue to hold on to the stock as the long-term prospect still looks good.
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Mr. Neo Chee Beng is Independent Director of China Finance Online Company Ltd. He has served as director since January 2012. Mr. Neo is an executive director and the Chief Compliance Officer of Persistent Asset Management Pte Ltd (“Persistent Asset Management”), an exempt fund manager registered with the monetary authority of Singapore. Mr. Neo has been an independent director of LottVision Ltd., a company listed in the Singapore Stock Exchange, and also serves on its audit committee. Mr. Neo was a former Vice President of investments at Vertex Management II Pte Ltd (“Vertex Management II”), an affiliate of Temasek Holdings Pte Ltd, where he headed its Beijing office from year 2000 to early 2005. Mr. Neo was the finance manager of the Singapore Stock Exchange-listed Jardine Cycle & Carriage Ltd, where he assisted the general manager of finance. Mr. Neo had years of auditing experience with international audit firms including Moores Rowland and Ernest & Young. He received his education in Singapore from Hwa Chong Junior College and received professional accountancy training. He is a fellow of the Association of Chartered Certified Accountants, United Kingdom and a member of Singapore Institute of Directors.
