Raffles Medical Group is one of the stock that is still in the positive territory despite STI going down by 32 points by Thursday afternoon. This chart is interesting because of two reasons. Firstly, for the past two weeks, the 40-day moving average has held up well as a strong support for mid-term. Secondly, yesterday’s price action showed the “strength” of this stock.
Chart On Raffles Medical Group
In my opinion, stocks that move higher in spite of declining broader market, show that they are “stronger” and unaffected by bad market sentiment. Hence, if the market turns higher, these “strong” stocks have more reason to go higher. Moreover, traders also need to take note that the immediate support is at $3.12. Do set a stop-loss if the price pierce through this level. The immediate resistance is at $3.25; short-term traders will likely take profit at this level.
