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Charts in brief: 2 Jul 10.

Friday, July 2, 2010

AIMS AMP Cap Ind REIT: Volume rose today as more shares changed hands at the 21.5c support.  MFI declined sharply as short term demand seems to have disappeared. In spite of this, there is no sharp decline in the OBV.  Instead, it is flattish which suggests a lack of heavy distribution activity. From the high achieved on 3 Jun, price seems to be doing a low volume pullback to support.  If 21.5c support should break, I would be happy to buy more at the long term support of 20.5c.  Based on FA, I think that is a very attractive price. TA is more mutable and needs to be looked at again at that point in time.

According to DTZ Research, the improving Singapore economy has caused industrial rents in Singapore to rise for the first time after quarters of decline since Q3 2008.
DTZ’s latest report on industrial property stated, “Average monthly gross rents of first-storey private industrial space edged up 2.6% quarter-on-quarter (QOQ) to $2.00 per sq ft and 3.2% QOQ to $1.60 per sq ft for upper-storey space per month. Since the height in Q3 2008, average monthly gross rents of first-storey and upper-storey private industrial space have fallen 14.9% and 22.0% respectively.”
However, the research consultancy reported that “rents for hi-tech industrial properties, which include business park and science park space, were unchanged at $3.15 per sq per month in Q2 2010.”Article here.

Healthway Medical: Clinging on to support at 19c while forming a gravestone doji is ominous. The rising 20dMA is exactly at 19c now.  Will it push the price higher in the next session or will it fail as support? The MFI, which accounts for price and volume and is a measure of demand is clearly in decline.  The OBV shows the sharpest drop in three weeks, suggesting that distribution is heightening. MACD continues to decline below the signal line. It is obvious that upward momentum and demand have both weakened. If 19c breaks as support, next support is not far away at 18.5c which was a resistance formed in March as price tried to advance higher then.

SPH: A friend asked me if he should sell his SPH shares today. Let's look at the chart.  With today's expansion in volume on a white candle day as price hit a high of $3.88 before closing at $3.85, SPH looks like it might be able to go higher. MFI has been forming higher lows, suggesting rising demand. RSI has been rising as well.  The MACD is still in positive territory.  In short, SPH is seeing some underlying strength. $3.88 is the resistance to watch.  If it breaks convincingly, I see an eventual target price of $4.08. I would be happy to sell more of my remaining shares in SPH then.

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Anonymous said...

Hi AK,
would you care to comment on shares like guthrie, metro and united engineering?



AK71 said...

Hi James,

I am not sure that I know these companies well enough to comment. You vested?

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