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Re-Cap: Sheng Siong (OV8:SGX) Reaching 2nd Target Zone

 



Re-cap Sheng Siong (OV8.SI) – Reaching 2nd Target Zone

We previously highlighted Sheng Siong as entering a potential mark-up phase following a strong breakout, with price consolidating below the $1.88 resistance. The setup was supported by firm relative strength vs. the STI and positive readings on the FFI, indicative of underlying accumulation.

Key Developments Since Last Note

  • The stock has since confirmed a breakout above the $1.88 resistance level, accompanied by volume expansion – a classic re-accumulation breakout.

  • Price action has progressed toward the second projected target of $2.05, validating the bullish thesis and reflecting sustained institutional demand.

  • Momentum indicators remain constructive, although the stock may consolidate near resistance in the short term.

Technical Levels to Watch

  • Support: $1.88 (previous breakout level), followed by $1.80.

  • Resistance/Target: $2.05 (Fibonacci extension level).

  • A sustained close above $2.05 could trigger further upside potential, pending confirmation of continued volume participation.

Conclusion
Sheng Siong remains in a technically strong position, with price action aligned to the previously defined re-accumulation roadmap. While the stock is nearing our second price objective, trend strength remains intact. We recommend monitoring for signs of continuation or consolidation near current levels.

Disclaimers Apply

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