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Charts in brief: 16 Mar 10

Tuesday, March 16, 2010

The STI defied gravity to add 22.1 points today, closing at 2,896.43, it is only a bit more than 100 points away from the magic number 3,000.  However, today's volume of 1,143,954,590 and total value of  $989,019,766 suggest that the upward movement is weak.  Volume is low and the value is lower.  Activity has clearly reduced and moved to the pennies.

It would not be wrong to lock in some gains for anyone vested in index linked counters. For anyone looking to add to their positions, waiting for a pullback might be prudent.  However, if in doubt, my strategy is always to hedge.  For the person who is vested, divesting half of his position might be a good idea.  For the person looking to add to his position despite the technicals, adding a smallish position would be less risky.

Saizen REIT: 469 lots sold down at 16c towards the closing bell pushed the MFI further into oversold territory.  Stochastics has also dipped into oversold territory.  That buying momentum is lacking is quite obvious.  Any further weakness would be an opportunity to load up.

Golden Agriculture:  Price closed unchanged on lower volume today. It has formed higher highs and higher lows since early Feb.  Uptrend is intact and I am still waiting to collect at supports.

Healthway Medical: A black candle day on increased volume.  Since mid January, this is a rare black candle day with such high volume.  A decline in the OBV indicates that distribution is underway.  A lower high and a lower low on the MFI confirms weaker buying momentum. The MACD is closing in on the signal line which might result in a bearish crossover.  Initial support is still at 16c and it looks like it will be tested.

4 comments:

Anonymous said...

Sorry, can i digress? I would like to know if a stock split is beneficial to the shareholders? Would shareholders get capital gains after the split, or would his investment merely be of the same amount?

-kelvin

AK71 said...

Hi Kelvin,

A stock split basically means just that: splitting the stock. It does not add any value to the stock, fundamentally.

The rationale for a stock split is to make the stock more accessible to retail investors, especially if the share price is very high. An example was how SPH split each share into 5 shares many years ago.

Increasing the accessibility of a stock might increase the share price if more retail investors buy in. There is no guarantee that this will happen though.

Createwealth8888 said...

stock split is more likely to be positive to existing holders

AK71 said...

Hi CW,

The probability is definitely there. :)

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