They chose financial independence over home ownership.

This is somewhat extreme but watch how this Canadian couple chose financial independence over home ownership.  They are in their 30s and,...

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"E-book" by AK

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Charts in brief: 28 Jun 10.

Monday, June 28, 2010

CapitaMalls Asia: This is hanging on to support at $2.14 but barely so as price touched a low of $2.11 today.  The 20dMA which is providing support at $2.14 seems to be flattening. More significantly, I would like to draw attention to the fact that closing at $2.14 today is different from closing at $2.14 last Friday because the uptrend is now broken.  MFI continues its decline and the MACD looks set for a bearish crossover with the signal line.  I would not go long at $2.14 now.  The downside risk is too high.

Golden Agriculture: An inverted white hammer on lower volume. Momentum oscillators are flattish.  There is just no oomph in the upward movement in price today as it touched a high of  54c before closing at 53c.  Immediate support at 52c as provided by the 20dMA.

Healthway Medical: Its price is showing resilience as trading volume declined. 19c has been established as the immediate support. OBV is flattish and there is no sign of distribution. However, MFI and RSI are both hugging the borders of their respective overbought zones.  Might this exert some downward pressure on price or is this counter just doing a correction using time and would resume its uptrend once the 20dMA catches up?

SPH: This counter has been delivering pleasant surprises lately. Today, it closed at $3.88.  This effectively overcame the declining 50dMA as resistance. $3.88 was the eventual target of a mini double bottom I identified some time back.  I also divested some shares at this price not too long ago. The move up today was not accompanied by an expansion in volume.  So, I am doubtful about its strength.  However, the MFI and RSI are both rising and their uptrends are intact.  Momentum is good and if the price continues rising to hit certain Fibo lines, I might sell more of my remaining shares.

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la papillion said...

Hi AK,

Received aims divy :)

I sold more shares today. I have an uneasy feeling about things and it's been nagging me to take action by reducing my equity position. I'm getting more bearish as time goes.

Would you share your views on the overall market sentiment with me?

AK71 said...

Hi LP,

Yes, nice dividends from AIMS. This will be a quarterly event and a significant regular contributor to my passive income stream. :-)

Just like you, I am feeling apprehensive about the likely direction of the stock market and I feel that 2400 on the STI is still probable.

So, I have sold some of my shares in SPH as per revelations in my blog posts in recent weeks. I have also cut loss on CapitaMalls Asia earlier on.

I am not bearish per se but I have become more cautious, believing that the STI needs a nice 15% or so flush downwards to build a more sustainable platform for the next run up to a higher high.

I am not adding to my long positions in most cases. However, I have been very intrigued by the buy ups in AIMS recently. With Saizen REIT, it's mostly insiders buying these days. Mostly FA for these two. Very little TA. ;)

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