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SPH: A bullish reversal signal.

Sunday, May 23, 2010

Just like LMIR, SPH spots a bullish reversal signal.  In this case, it is a doji. Technically, it is less bullish than a white hammer but it might work.

The declining 20dMA will very likely form a dead cross with the 50dMA soon.  The 50dMA should cap any rebound in price at $3.91.  A lower high was formed earlier this month at $3.95 and this would be the next resistance level in case the 50dMA resistance is taken out.




MFI has been forming lower highs and dipped into oversold territory recently.  OBV has been in decline. The MACD is still declining in negative territory.  The bearish picture is obvious. There would probably be a lower entry price to go long on this counter. I would wait and see.

Related post:
SPH: Another black candle day.

6 comments:

dpyt said...

Hi, I'm also using Lim & Tan,but the chart I can find from their site is actually from SGX, which is not as detail as yours. Could you pls point out where and how I can get the detailed chart as you have posted above.Pls.

AK71 said...

Hi dpyt,

Right click on the counter you are interested in and you will see "Live Charts (New)" down the list of options. Left click on this option and you will have the charts from Chart Nexus. :)

Dou said...

Good spot for SPH...Doji at support.

Maybe SPH can hold onto there

AK71 said...

Hi Dou,

Well, it is the 200dMA and it is rising. Should provide some support. The momentum oscillators are weakening. So, we would just have to wait and see. :)

dpyt said...

Thank you i found them with your help.

AK71 said...

Hi dpyt,

You are very welcomed. :)

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