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Charts in brief: 11 May 10.

Tuesday, May 11, 2010

STI opened higher but declined to close lower at the end of the day. The huge rallies in Europe and the US did not manage to lift Asian markets today, painting a picture of uncertainty with a bearish bias.




Courage Marine: BDI higher at 3,707 today. MFI has just dipped into oversold region. OBV is flat.  Immediate resistance remains at 20c. Picture of low volume pullback continues. As the fundamentals are good, I would accumulate when the technicals give me the signal.



Golden Agriculture: CPO declined to close at RM2,505. This continues the downtrend. Things look pretty weak, technically. We have an engulfing black candle today which negated the morning star setup. Buy signal on the MACD has been negated as well. The rising 200dMA might be tested as a support soon if the weakness continues.


SPH: Opening at $3.95 only to move and close lower at $3.88 is bearish. What has been formed is a bearish piercing line pattern as the black candle declined to cover more than half of the previous day white candle. $3.95 is now burnt into the psyche of traders as an important resistance level due to the failure to move higher today.


In summary, for most counters, prices did not move higher and, so, I did not get to sell more at higher resistance levels with the exception of Healthway Medical which I managed to sell off most of my remaining shares at resistance.

I will continue to use any rebound to sell into strength, for stocks with weakening technicals.  I will accumulate when the technicals show signs of bottoming, especially for stocks of companies with sound fundamentals. The market is now a riskier place for long only investors like myself.

Dow 8500 Before 11,500:
Sell the Surge, Suttmeier Says
Posted May 10, 2010 09:47am EDT by Aaron Task
 


Related post:
Charts in brief: 10 May 10.

2 comments:

Chu Yeow said...

GoldenAgri turned in quite a good quarter - http://repository.shareinvestor.com/rpt_view.pl/id/602616e11dc974486aef8aa715ff8b73af9604a494cb29d55bddaf1cdf88858c/type/si_news (PDF press release)

Btw, AK, have you thought of starting a Twitter account?

AK71 said...

Hi Chu Yeow,

Fundamentally, Golden Agriculture is in good shape. I like their very low gearing level and how they are very levered to the price of CPO since I feel that CPO is trending higher in time.

Technically, however, there is weakness and it might last a while. CPO price has been downtrending as well. So, the near term market fundamentals are not helping.

I would like to accumulate Golden Agriculture at lower prices. Will wait and see. :)

Twitter? I don't have any social networking account. I am a recluse. Haha... That's one reason why starting this blog was such a shocker! ;p

I know you are quite the expert in IT stuff. What do you think are good reasons for starting a Twitter account? :)

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