TRUE : 5.6 or so is an attractive re-entry level.
February 22, 2011 Leave a comment
TRUE has seen volume decrease significantly since November 2010, seen clearly on the week chart below. The institutional volume trend remains negative, and it is very close to its 100 day EMA at 6.09. We suspect a weekly close below this level will result in a pullback to nearer 5.60-5.65. If lucky and it falls to 5.6 or so very quickly – over a day or two, we are buyers for a technical rebound trade for a quick 30-35 satang.