Overbought pressures build for high-flying tech stocks

GLOBAL TESTING ($1.35) - Breaks out of resistance

-  Prices have broken several times tested resistance at $1.25

- Immediate upside from the breakout is at $1.62

- Any retreat should find support at the breakout level

FU YU CORP (24.5 cents) - Breaks out of resistance

- Prices have broken out of resistance at 21 to 22 cents

- Breakout indicates target of 31.3 cents

- Medium term indicators are positive

- Support is at 22 cents

AEM HOLDINGS ($2.06) - Short pause

- Prices have paused albeit temporarily

- If prices are able to hold above $1.72 further upside would be indicated provided prices can break above $2.08

- Quarterly momentum eased but its uptrend is intact

- Break below $1.72 invalidates the accelerated uptrend

CREATIVE TECHNOLOGY ($1.175) - Sideways range

- Short term prices may be lower with support at $1.15

- If volume expands and prices move below $1.15, signal is negative

- This looks less likely than an move to the upside, with prices reaching and breaching $1.27

UMS HOLDINGS (89.5 cents) - Time for consolidatation

- Prices have risen about 45% since beginning of the year

- While there is sufficient buying interest to drive prices higher, the upside from here is likely to be limited

- Probability of a consolidation looks more likely

- Support is at 77 cents

HI-P INTERNATIONAL (69 cents) - Up-move accelerates

- Prices are rising following a long consolidation

- On the weekly chart, it looks like a reverse head and shoulders formation

- Breakout was at 52 cents and target is at 70 cents initially and 81 cents subsequently

- In the short term prices may test 70 cents before retreating

- Immediate support is at 60 cents

(Source:  TheEdgeSingapore March 27 2017)