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Charts in brief: 20 Jul 10.

Tuesday, July 20, 2010

AIMS AMP Capital Industrial REIT: Volume expanded strongly today as price closed at a high of 22.5c. This move breaks it out of a 0.5c trading range which started in early June. The MFI has broken out of its downtrend, suggesting a return of demand.  Sell signal on the MACD histogram negated as the MACD continues to rise in positive territory above the signal line. The OBV has moved to a new high, suggesting more accumulation than distribution has been going on in recent times. Whether price could break out of the bigger trading range of 20c to 23c remains to be seen. When all the sellers are done selling and buyers want a piece of the action, the only direction would be up.  The fundamentals are strong and the technicals are seemingly benign.  Let's see if the momentum keeps up.




FSL Trust: Price went above the resistance provided by the 50dMA briefly. Closing at 42c is still at resistance provided by the same MA. MACD has just crossed into positive territory. MFI continues to rise. These suggest a return of positive momentum and demand. However, the OBV is flat which suggests a stalemate between accumulation and distribution. Demand is rising but accumulation is not keeping pace which means that there is some selling pressure.  Without an expansion in volume with an upmove in price, the sellers are unlikely to be taken out. With the RSI high in overbought territory, suggesting that price has moved upwards too quickly, the possibility of a slow down or pullback cannot be ruled out. Immediate support remains at 40c while breaking out of 42c resistance could see price do a gap fill at 43.5c and, perhaps, test the lower high of 46c too.




Golden Agriculture: Touched 58.5c, the resistance identified last Friday. Volume shrank for two sessions in a row as price rose. So, price is rising from a lack of sellers, not an abundance of buyers. MFI and OBV continue rising, suggesting rising demand and accumulation.  So, we could perhaps see price moving higher.  If 58.5c is taken out, the next resistance is at 60c.  The MFI nears overbought territory and one wonders if there is much more left to this rally.  This is a valid concern when we see that the RSI is already in overbought territory.  Any pullback would see immediate support at 55c, as provided by the 100dMA.


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