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Charts in brief: 13 April 10.

Tuesday, April 13, 2010

Golden Agriculture: A black spinning top.  This is the seventh reversal signal in a row and seeing how price action has detached from the upper limits of the Bollinger band, a retracement to supports is probable: 20dMA is at 58c and 50dMA is at 56c.  MFI formed a higher low but failed to form a higher high today.  The OBV shows a lack of strength in accumulation.  Of course, as usual, an upward movement in price with high volume would negate all bearish signals.  This does not look likely.

Saizen REIT: Some profit taking happening today.  17c is initial support.  If this goes, a much stronger support is at 16.5c.
Notice of a Director's (including a director who is a substantial shareholder) Interest and Change in Interest: 12-04-2010, Starich purchased 1,000,000 Warrants on the open market.  Mr Arnold Ip Tin Chee is one of the beneficiaries of a trust which directly own Starich. Hence, Mr Ip is deemed to be interested in the 1,000,000 warrants held by Kim Eng Securities Pte Ltd in favour of Starich.

Healthway Medical:  The counter traded at one price only today, 16.5c.  The Bollinger bands are squeezing, it seems, and this usually means an increased volatility in price action is not far off.  16c remains a critical support to watch.  On the face of it, things are not looking good for this counter.

SPH: A long legged doji confirmed the black candle sell signal from the previous session.  Sell signal confirmed on the MACD as well.  Price has detached from the upper limits of the Bollinger bands.  Support is at $3.84. 
SPH has declared an interim dividend of 7 cents per share.

Courage Marine: Although on signifcantly reduced volume, we have another black candle today.  With MFI in the overbought region and with OBV turning down, the probability is higher for the counter to retrace to support.  I see initial support at 21c.

AusGroup: In my last TA, I said "Price gapped up only to form a white inverted hammer which seems to suggest that fatigue is setting in. MFI has entered overbought territory. A perfect time to take some profit off the table? I think so." A big black candle day today as price closed lower at 66.5c.  However, of note is the much lower volume on this pullback. The selldown has been mild.  Any further selldown would find initial support at 63.5c

Related post:
Charts in brief:12 April 10.


Raelynn said...

The buy and sell volume for saizenREIT and aimsampreit seem to be quite large today, for saizen I'm thinking might be due to the purchase of the warrents that you mentioned above in the post which increased confidence. But not too sure why the increase in aims though... Finance institution??

AK71 said...

Hi Raelynn,

I am not sure what the exact reasons might be for the increased trading volumes. Perhaps, the listing of CLT has highlighted what a bargain AIMS AMP Capital Industrial REIT is?

The main thing I do as an investor is to hunt for value and returns. Both Saizen REIT and AIMS AMP Capital Industrial REIT are strong buys for me due to their compelling valuation and projected returns. I know that the market will recognise this in the usual way in time. As of now, their prices are still below their intrinsic values and they remain very good buys. Maybe, more investors or funds (like you suspect) agree with this now? ;)

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