25 OCTOBER 2013
Yoma Poised To Soar In Q4?
By Andy Yew
Shares of Yoma Strategic Holdings (Yoma) closed $0.78 on Thursday (24 October 2013) after a sideway narrow range consolidation for almost 2 weeks. This triggered my curiosity to check out this stock as it seems to have a double bottom setup.
For short-term and mid-term, my chart is bullish bias as its price is above the 10 simple moving average (SMA) and 50 SMA. The price coincide with the RSI (relative strength index) showing a higher low formation. This indicates that there is a possibility of a big price movement if its price starts to breakout above the resistance of $0.84. Short-term support can be seen at $0.705 where the recent low formed in early October. Traders have to watch out for the downside risk if its price breaks below this level.
Chart On Yoma Strategic Holdings
Recent News On Yoma
To run Volkswagen’s first service centre in Myanmar. Yoma’s 70 percent-owned German Car Industries Company (GCI) has entered into a service partner agreement with Volkswagen Aktiengesellschaft to operate Volkswagen’s first service centre in Myanmar, which is scheduled to start operations in October this year. The service centre, currently operated by GCI, will provide maintenance and repair services for Volkswagen vehicles, including the sale of genuine vehicle parts to existing vehicle owners. (Source: The Business Times)
Aberdeen Asset Management (Asia), one of the largest institutional shareholder of Yoma was reported that they increased their shareholdings in Yoma on 22 October. As the prestigious fund house with consistent investment performance, I believe that Aberdeen has done good study on Yoma’s business fundamental.
Combining these with my technical chart bullish sighting on Yoma, I see that Yoma has a chance to bounce up from the current price.
Publish date: 25/10/13