Charts in brief: 6 April 2010.

CapitaMalls Asia: No follow through on the reversal signals seen in earlier sessions.  This is becoming a habit for this counter. The ugly black candle formed today is on the back of lower volume and the price closed at the support provided by the 50dMA at $2.28. MFI and OBV have gone flat in the meantime.  This counter is likely to trade sideways for a while if such conditions persist. Such a consolidation period took about a month to play out from late January to late February.

Golden Agriculture: MFI and OBV continue to rise.  Positive momentum and accumulation are very much the order of the day.   Trendline resistance is at 63.5c.  If this breaks on much increased volume, price action could go parabolic like what happened in early January this year.  If this holds, a retreat to the channel support is likely.

Saizen REIT: Some sceptics I know are now convinced that Saizen REIT is a buy based on its compelling valuation. Today, Saizen REIT traded at one price and one price only, 17c.  At 9.35AM, the entire sell queue of 1,237 lots at 17c was snapped up in a single transaction.  A friend who stubbornly refused to buy any at 16.5c and was waiting at 16c for weeks has missed his chance, it would seem.  Saizen REIT's longer term uptrend is intact.  The rising 100dMA is now at 16c and the rising 200dMA is at 15c.  The MACD is beginning to pull away from the signal line on the upside and we might be witnessing the beginning of more upside to come but given Saizen REIT's slow motion rise so far, I wouldn't hold my breath.  However, I believe patience will be rewarded.

Healthway Medical: Traders are getting tired of waiting for this counter's price to move up. The excitement that surrounded the news of plans to grow the business in China and the buy calls by DMG and Partners has become a distant echo. Many have thrown up their hands in despair. Today, we see the OBV going through an obvious decline, the first since 25 March. The fact that this happened as MFI turned up is somewhat ominous. Price touched a low of 16c and closed at 16.5c on much higher volume compared to the last session. The MACD continues to approach zero and more near term weakness is likely. I will wait and see if the support at 16c holds up.

SPH: OBV is rising sharply, suggesting strong accumulation. MFI, although not overbought yet, is tapering off, suggesting that buying momentum is mellowing a bit. I maintain an eventual target of $4.00 which would probably be hit once price is able to close above $3.90 convincingly.

AusGroup: Not being able to close above resistance provided by the merged 100d and 200d MAs at 63c, price retreated to 61.5, a resistance turned support. Whether 61.5c could hold up as support will need confirmation. Good news? The pullback happened on lower volume than the buy up yesterday. If 61.5c breaks, immediate support is at 60c. Recap: Ausgroup: An update.

Related post: Charts in brief: 5 April 2010.