With no major movement in price, a significant increase in the number of shares traded is detected as compared to the average volume traded over the past 50 days. The MacD indicator had a bearish technical signal with the MacD line crossing below the signal line. In addition, with the MacD line below the centerline, this may indicate possible weakness in the price movement.
Company Information
Background
The Company was incorporated on 5 May 1976. Teledata is a communications network specialist and leading systems integrator providing security and converged networking solutions and services. It offers end-to-end solutions to organisations across a broad spectrum of industries. Its portfolio includes a full line of the innovative products needed to build state-of-the-art communication networks.
In 1995, the Group consolidated all its regional operations by incorporating a joint venture company with Intraco Ltd, Teledata Intl Pte Ltd.
On 31 July 1997, the Company was transferred to the Mainboard of the SGX-ST.
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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