Eltek 16.11.2007

Since last time we looked at Eltek the stock price fell down to the support line on Friday. The stock price was lower than the support line during the day but gained some momentum and ended on the support line. This was crutial in order to keep the positive divergence between RSI and stock price. On Monday we expect a rise in stock price or a more or less sideway movement. In short term we still remain optimistic to the stock and believe that it will move up to the resistance line soon unless the support line is broken.