GIC housing chart put up shows the stock price crossing 52 week high at 172 and consolidating at and around that level. Major resistance was at 168-172 which now seems to be seen for support. Before that, level of 156 was another important resistance. Going ahead, the levels of 200-202 is another major resistance. Above that it will be crossing 2 year highs, if it manages to reach there. As of now important resistances and strong congestion zones crossed.
Fundamentally looks cheap. Book value at 294. So at 0.6 times book value. And TTM EPS at 40, so 5 PE… Makes it a good candidate for the catch up theme of this rally where a lot of neglected undervalued plays are giving good returns.
disc: invested as a techno funda bet.
