SGX Stock Charts

At first glance saw a potential head and shoulder formation, was a bit puzzle because they normally occur at the top after an uptrend. Therefore this chart is not the classic model of a normal head and shoulder. Price must break down thru the red dotted line to confirm the head and shoulder formation. If price can breakout above 41.5 cents the high of the right shoulder RS then this formation will no longer be valid. Once again, I must emphasis that this is not the classic normal head and shoulder formation.

Bullish Engulfing pattern formed today together with RSI v-hook formation. Stochastics crossover at oversold region with slight increase in volume. High probability of price testing 39.5 cents resistance and moving to 41.5 cents. Immediate support is the low of 20th February 2006 which is 36.5 cents.