Starting from 27 Jul 2007, global markets selldown due to the contagious effect from the US sub-prime mortgage and credit tightening.
CSC support at 0.30 seems very strong, it was tested on STI heavy selloff dated on 6 aug (-127 pts) and 10 aug (-54 pts). At 0.3 - 0.35 is the price range in May07 prior to the announcement of Sands IR $240m contract win so this price range should be considered a good buy level. Also at 0.31, it is way below 100dMA which indicates the rebounce from this level will be very strong when in the time CSC share in recovering mode.
From the chart on 3-10 aug,
- MACD histogram moving towards the centreline showing sign of buy signal.
- MACD line (blue) is look set to cross the signal line (red) showing another buy signal.
- RSI 14d at 23% (below 30%) indicates stock in over-sold region => buyers not in yet.
- Wm% 9d at -90% (below -80%) indicates stock in over-sold region => buyers not in yet.
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