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Religare, will it turn to uptrend?

Religare has been going down since late May. It ropped for almost four month before it found some strong support at around 0.72. After that it had a strong rebound and broke above the resistant trendline indicating that the downtrend may has been finished or at least may have a break. From late Sept to early Oct, when STI dropped 100 over points because of US government partially shutdown, Religare managed to hold well, it is another sign of strength. Now it is consolidating in a small range between 0.78 and 0.81. If it managed to breakout of this consolidation zone, an uptrend will be formed and it is likely to continue the uptrend for some time. The stop loss can be set 1-2 tick below this zone. From fundamental perspective, according to the recent quarterly report, the debt to asset ratio is around 25.9% and the NAV of Religare is 0.83, indicating that it will not be risky to trade or invest in this stock.

Robin Han
Robin Han

Dr. Robin Han, a graduated from NUS with a Ph.D in Department of Chemical and Biomolecular Engineering, has been actively trading in Singapore stock market since 2007. His passion has let Dr. Robin to become a full time trader since 2010. He has extensively share his experience with his fellow investors on trading Singapore stock market using both technical analysis and fundamental analysis.

Dr. Robin is a regular guest speaker for radio 95.8 on financial program. He also has been invited by different companies and societies to conduct educational seminars on stock investments, including Shares Investment, Wealth Directions (Founder: Dennis Ng), Traders Round Table, SIM, Raffles Business International, Online trader's club and Alpha Alliance. He is also contracted by N2N (a listed trading software provider in Malaysia) as their overseas educational speaker in stocks.