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Hock Lian Seng: Ready to break resistance?

Thursday, September 9, 2010

Hock Lian Seng isn't the most exciting counter in the market, for sure. However, today, volume expanded as all shares transacted were traded at one price and one price only, 30c.  To me, this suggests that all the weak holders have been weeded out.  If anyone wants to buy shares of this company now, buying at 30c per share is the only choice.  This is a resistance level which has been tested a few times before in the last one month.  Could this resistance level be taken out soon? I believe so as the massive 30c sell queue was wiped out today.


We could draw an uptrend support line from 15 July and this would approximate the rising 20dMA.  Nice. Could we be seeing the formation of an ascending triangle? Possibly.  If this is this case, could we see price rising to 34c? We could but I would expect rather strong resistance at 32c.

The MFI has successfully stayed above 50% and the uptrend is still intact.  The OBV has risen very gently and consistently. Demand and accumulation are present. With this fundamentally sound counter, patience is definitely required.

Related post:
Hock Lian Seng: Steady accumulation.

2 comments:

Anonymous said...

shld buy commodities shares sure chiong one.
today sti song!

AK71 said...

Hi Anonymous,

The only counter I am vested in which could be classified as a commodities stock is Golden Agriculture. It seems that you have made a bundle today. Congratulations. :)

Could you include your name or initials in future comments? Thanks.

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