M&A buoys tech stocks

MEIBAN GROUP (39.5 cents) – Facing resistance
- Prices should remain resilient
- There is strong resistance at 41.5 cents
- Breakout appears unlikely
- Support is at 36 to 37 cents

LAFE CORP (8.4 cents) – Gains strength
- Prices have run ahead of themselves
- Price have broken out of base formation setting target of 10.5 cents
- Support is at 7.5 cents

FU YU CORP (10 cents) – Recovery intact
- Some latent strength is evident
- Prices have managed to move above the declining 200 day moving average
- Rebound should materialize shortly
- Resistance is at 12.5 cents
- Support is at 8.9 cents

ELEC & ELTEK INTERNATIONAL (US$2.74) – Building a base
- Price action appears anaemic
- Breakout is still some way off
- Successful breakout indicates an upside of US$3.13
- Support is at US$2.61

GLOBAL TESTING CORP (6.5 cents) – Attempting breakout
- Prices are attempting to hold above 200 day moving average
- Chart pattern points to prices forming a rounding base
- Support is at 6.1 cents

BROADWAY INDUSTRIAL GROUP (45.5 cents) – Testing support
- Prices have been in a consolidation phase
- Consolidation should be temporary
- Indicators point to resumption of uptrend
- Resistance is at 50 cents
- Support is at 43 to 44 cents

(Source: TheEdgeSingapore March 19 2012)