Prices of Sinomen Technology surged & gap up today on the nes of its takeover by Clean Water Investment at S$0.70 per share (31.6% premium to Sinomen’s NAV/Share) and 28.4% premium.
Key resistance will be at 0.725 which represent upside at only 6%. Accumulate at consolidation towards S$0.65 will be favorable. Key support will now be at $0.575. OBV has been very healthy up since 1 year back. Trade volumes have surged to last peak level in Sept/Nov 2009. Gauging from the price trades for Buy in at larger volumes, signify fund investors are accumulating from smaller retail investors.
Other competitors:
1) Sound Global (S$0.745)
2) United EnviroTech (S$0.395)
3) BioTreat (S$0.045)
4) Asia Environment (S$0.215)
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