Evening everyone,
This is Jaya Holdings, J10.SI. Jaya did tremendously well at the start of this year – blowing past post-crash highs at the 79 cents region. Since then, Jaya has retraced down to meet the 20-day MA. A support zone at about 72 cents – 75 cents lies in wait for any further downside. Volume rose in the middle of the month, when traders picked up shares of Jaya, but the recent decline comes with much lower volume. In general, this should favour the upside in the short-term – after a few more sessions of consolidation, probably.
Stepping back, you can see how high Jaya is sailing now - especially when you take the last four years into consideration. I look for strong trends, and Jaya has been gathering momentum since the start of 2012. My only concern is that other companies doing similar activities to Jaya are not looking very bullish. Other than that, I like the chart of Jaya. I will wait for a while before getting into position for a trend trade. Jaya should languish around this price region for a while more.
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