ASL Marine - Heading lower in the near term

Thursday, May 28, 2009

ASL Marine is likely to face more correction pressure in the days aheadfollowing the formation of a bearish engulfing and tweezers top pattern atthe key gap zone resistance level (end Sep ’08).

With the RSI indicator now falling out of the overbought region, coupledwith the MACD and Momentum indicators turning sharply lower with likelybearish crossovers soon, they seem to support our view that the sellingmomentum could persist in the near term.

We expect the correction to find an initial support at $0.685-$0.71 (gap inearly May ’09), failing which, we see the next key support at $0.57 (upperboundary of 6.5-month uptrend channel and resistance-turned-support level)

Immediate resistance is pegged at $0.93 (2009 high), ahead of $1 (support-turned-resistance level).


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Posted by Top Ten Webs at 12:54 PM
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