Wednesday, November 27, 2019

Sinostar PEC should erupt soon


The volume of Sinostar PEC has been fishy for these few days. I think someone has been accumulating the shares lately other than the CEO Li Xiang Ping himself who has now about 57.16% shareholding.

Fundamentally, the quarterly earnings (in RMB cents) have been solid although there was a blip in 2Q2019:

3Q2019   3.48
2Q2019  (0.29)
1Q2019   5.07
4Q2018   2.61


Sinostar PEC weekly chart: Inverted Head and Shoulders


It closed at 21.5 cents today, 27 Nov 2019. The price should rise above the neckline of the big head and shoulders pattern, signalling a breakout of the pattern to hit its next resistance at 31 cents. Let’s see.


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