China Minzhong (technical)

China Minzhong: OCBC Technicals sees further recovery in the stock, after it initiated a bullish break out of its horizontal consolidation channel and rose above the $0.86 key resistance on significant volume yday. Notes MACD is still trending higher following a recent bullish crossover, suggesting that upside momentum is building up. Thinks the counter is likely to head higher towards the next key obstacle at $1.02 (support-turned-resistance) in the wks ahead. Eyes immediate support at $0.86, and advocates a stop loss exit slightly below at $0.83.