Banyan Tree - Due for a Steep Correction

Banyan Tree - UOB Research upgraded this stock from 0.64 to 0.93 yesterday representing a 45% upside. This blog was a seller at 0.67 based on the trade plan showing a short term peak at 0.67. With the price reaching and upper end of the channel trendline coupled with a huge volume blow up suggest that the BB could have taken the opportunities to unload the stocks capitalising on the UOB report. This blog believes that the longer term uptrend is intact, however, an imminent pullback to 0.625 and 0.595 is on the cards before the stock could resume its uptrend.

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