To market to market to buy a fat pig?

Hi master,
i have a question regarding pfood's recent action .... volume has been high but price has not moved and in fact, kind of languishing ...... is this a sign of accumulation or distribution? what is your take? i suppose it's difficult to determine , but appreciate your views.
thanks,
chocofles

Last Thursday, OCBC technical chartist issued a trading buy call below S$1 before market opens. The price gapped up strongly at $1.03 in the morning but amazingly (or shockingly if you are holding the shares), the share price closed very weakly at 1.01. Looking at the large volume of 11m shares traded, i would view it as a bearish sign and the price chart looks weak to me. I would place the resistance at 1.05 and the support at 95.

Despite its cheap valuation based on historical results, I tend to side with the bears for now. One of my concern is the declining margins due to weak prices for hogs. The Q2 results that will be announced might present a clearer picture. However, Pfood's investment in Pine Agri is doing so well, so that might help to support Pfood. A break above 1.05 will head towards 1.10 while a close below 99 cents will mean a good chance that the 95 support will likely be tested again.