CPF : Feb 22 target hit, next stop 24.80-25.00
March 8, 2011 Leave a comment
On Feb 22 we gave 24.30-24.50 as the next target for CPF, which at the time was at 23.70. The stock looks as if it will summon the strength to move a tad higher, but we sense something is not quite right here, with our ever trusty negative volume index indicator not showing a strong institutional buying trend – which it should if this move is anything more than a trap. First support is now at 24.10 or so, but it is not firm. We view 23.60-23.70 as a slightly better level.
There is quite strong resistance at 24.80 to 25.00 and even more at 25.25. Entry at this stage is a tad late, but if there is a dip to 24 or so today, it might tempt some for the potential late week spike to 24.80-25.00 or so.