Analyse Support's trend

On 23/11/09, there is an announcement from Support International as below. Since then the price was started to surge. On Friday, this counter was having some profit taking due to T+3. Some weak hands were shaken off. Although its share price dropped -2.4% on Friday, the bullish trend for short term is still intact. The weekly chart for the mid-term is bullish. We will keep monitor next week to see whether the support level 1.21 is able to support the sell off. If so, there might be a trend reverse. Please look at the chart below.

THE ANNOUNCEMENT
Strategic Cooperation Agreement between Supportive International Holdings Berhad and Digital China Advanced Systems Services Limited, a subsidiary company of Digital China Holdings Limited (“Strategic Partnership")

INTRODUCTION
The Board of Directors of Supportive International Holdings Berhad (“Supportive” or “the Company”) is pleased to announce that on 23 November 2009, Supportive had entered into a Strategic Cooperation Agreement (“SCA”) with Digital China Advanced Systems Services Limited, (“DCASS”), a subsidiary of Digital China Holdings Limited (“Digital China”) to commission DCASS to provide technical advisory service in relation to Hunan Province Chang De Municipal Value Added Operations Project (Citizen Card and Mobile Electronic Business Project) (“CCMEB”).

Click to enlarge