Swee Hong has been consolidating from the 0.265 to the 0.300 since its IPO in May 2012. Finally today, we have seen it broke strongly above the CRITICAL 0.300 level on high volume (TOP 20 currently). The new support remains firmly at 0.300 now. As long as 0.300 holds as new support we are bullish with short term target to 0.35 then 0.40. Currently at an all time high as resistance has been cleared convincingly. Possible to trade the new range from 0.300 to 0.35. More projects in Singapore underway ?
Stop loss at 0.285.
Core Business
The Group is principally engaged in civil engineering works and micro-tunnelling works in Singapore in which its act primarily as the main contractor. The Group has more than 43 years of experience in the civil engineering industry. The Group has successfully completed a wide range of civil engineering works which include road and drain construction, road maintenance, sewerage rehabilitation, soil improvement, excavation, laying of water pipes and other infrastructure works. Its projects vary in terms of complexity and scale. Due to the nature of its business, its major customers are mainly government and government-related bodies of Singapore.
14th June News