0206 GMT - Grand Venture Technology's share-price movements signal potential bearish reversal in the short term, Phillip Securities Research's Zane Aw says, citing possible crossover of the five-day simple moving average below the 10-day simple moving average on the technical chart. Recently, the share price formed a double-top pattern at the S$0.880 resistance level and retreated thereafter, the analyst says. The moving average convergence divergence indicator also formed a fresh bearish crossover, supporting a bearish view. The share price is likely to pull back further if it breaks below S$0.815 and retest the S$0.770 level, which had been resistance at end-December 2024, the analyst adds. Shares are unchanged at S$0.830. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 14, 2025 21:06 ET (02:06 GMT)
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