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Charts in brief: 29 Jun 10.

Tuesday, June 29, 2010

CapitaMalls Asia: $2.14 looks like it is support turned resistance. We will need confirmation tomorrow. Price touched a low of $2.07 (the 138.2% Fibo line) before closing at $2.11, just 1c shy of the 50dMA at $2.12. The MACD has completed a bearish crossover with the signal line while the MFI continues to decline. There is a lack of demand at the moment and OBV suggests that distribution is ongoing.  It is also clear that as price fell from $2.22 five sessions ago, volume has expanded.  Immediate resistance is at $2.14 and immediate support is at $2.07.

Golden Agriculture: Formed an ugly black candle that is almost engulfing. Closing exactly on the 52c support after touching a low of 51.5c suggests that we might see continuing weakness, especially with momentum oscillators downtrending.  The MACD is about to form a bearish crossover. Next support remains at 50c.

Genting SP: It has been a while since I did a TA for this counter but Citibank says that this is one of their biggest SELL recommendations right now. That got me curious enough to look at the charts. For more than a week, this counter has been generating reversal signals: dojis and spinning tops. Today, volume expanded tremendously as price touched a high of $1.20 before closing at $1.15, forming a black candle.  MACD is about to form a bearish crossover. The RSI is at 87% and suggests that the rate of increase in its price has been too rapid.  MFI, on the other hand, is not in overbought territory yet and is still uptrending. OBV is flat which suggests that any selling is well absorbed. At the moment, the uptrend is still intact and immediate support is at $1.12 as suggested by candlesticks and the uptrend support line.

LMIR: Another lower high on the RSI as price formed a wickless black candle today, breaking the support at 47c to close at 46.5c. The lower Bollinger band is at 45.5c while I see a natural support at 45c. For anyone who wants to own some units of LMIR, buying smallish numbers at these prices could be good hedges.  I see 44.5c as a stronger support.

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Charts in brief: 28 Jun 10.


Chu Yeow said...

Genting has been a very unpredictable stock as far as TA is concerned. A lot of its movement appears to be based on sentiment caused by analyst upgrades and the promise of improved earnings.

I'm vested (I divested some at a previous resistance) and I'm unsure of its fundamentals because of conflicting analyst reports on its potential earnings (many are bullish, some like Citi say its overvalued).

I'd be very interested if you could cover and talk more about Genting from both FA and TA perspectives in future posts, but I understand if you don't if you're not vested either :)

AK71 said...

Hi Chu Yeow,

Good to hear from you again. It has been a while. :)

TA is easier to do. FA will require a bit more work. I might just look at Genting SP's numbers one day just for fun even though I am not vested. ;)

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