While the price of Achieva has jumped by more than 5%, a significant drop in interest is observed based on the much lower volume of shares traded as compared to the average over the past 50 days. At 0.09, the stock is trading near its 3-month historical high. It is also observed that the MacD line is below the signal line indicating some short-term price weakness.
Company Information
Background
The Company was incorporated in Singapore on 3 November 1993 under the name Achieva Pte Ltd. On 11 April 2000, the Company was converted into a public limited company and changed its name to Achieva Ltd. The Company is an investment holding company.
Achieva is one of Asia-Pacific' value-added distributors and solutions providers focusing on electronic components, peripherals and IT-related lifestyle products. With corporate headquarter in Singapore and its operations spanning throughout the Asia-Pacific region, the Achieva Group represents in excess of 30 product brands.
Currently, the Group has staff strength of about 500 - serving a customer base of more than 7,000 in the Asia-Pacific region. The Group' business operations are grouped principally under two product sectors - Peripherals and Electronic Components.
Trend: Consolidation with a potential bullish breakout bias
The benchmark STI remains sandwiched between the 20 and 50-day moving averages. Interestingly, a possible bullish crossover signal was spotted in the MACD trend indicator, which suggests a potential change in the trend. In addition, upside momentum is also building up as the Stochastic oscillator continues to inch upwards. In order to see a follow-through, the STI needs to break above the immediate resistance at 2952 to see a potential upside push towards 3043 next. On the other hand, a violation below the immediate support at 2910 may negate the potential bullish tone to see a slide towards the rising window gap support of 2886-2875.
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