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Charts in brief: 4 Jun 10.

Friday, June 4, 2010

FSL Trust: Bought some units at 45.5c today.  Volume shrank as price closed at 46c.  46c is still the resistance to watch. A semblance of stability has returned to this counter but its price is probably not going to rise in a hurry. MACD continues to rise above the signal line and MFI is testing 50% once more.

LMIR: Price closed at 47c above the 20dMA on low volume. We need confirmation that the 20dMA is resistance turned support. 47c is a many times tested support and should provide resistance.  I have sold some units at 47c to reduce my exposure. Next resistance level is at 48c which approximates the positions of the 50dMA and the 200dMA. The downtrend is still intact.

AIMS AMP Capital Industrial REIT: 22.5c. Very low volume. MACD has crossed into positive territory and MFI continues to rise above 50%. OBV has flattened at a high. I continue to queue to sell some at 23c, the top of the range.

Golden Agriculture: A doji formed today on very low volume. The downtrend is intact even as the MACD forms a bullish crossover with the signal line in negative territory. A lower high in the MFI tells of weak positive buying momentum. I have sold into strength and will wait for clearer signs of bottoming before going long again.

SPH: Volume continues to fall as price formed a white spinning top today, resisted by the 20dMA at $3.79. OBV is flat. MFI is moving to test 50%. The negative divergence between rising price and falling volume is quite clear to see (as with many other counters). I would like to to sell some SPH shares at $3.83 but without volume, it seems difficult.

Related post:
Charts in brief: 3 Jun 10.


Anonymous said...

I have cash out during this short rally and intend to watch by the sideline for a while. Market is way too unpredictable for my liking. DJ is having mood swings.
For the rest who's still vested, good luck.


AK71 said...

Hi Mike,

I share your sentiments. Selling into strength is prudent, for sure. :-)

Dhaka Stock Exchange said...

Thanks for sharing this helpful info!
I always like to read your blog..

AK71 said...


I am somewhat surprised to find that someone in Bangladesh follows my blog. Thank you for visiting. :)

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