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SPH: Touched $4.20.

Thursday, September 9, 2010

SPH touched $4.20 today but that price saw few transactions although volume expanded.  Few were willing to buy at that price, it would seem.  A short legged doji was formed and this could be interpreted as a day of tight price action with price closing ultimately unchanged from the opening. There is little conviction by either the bulls or the bears today although an increase in trading volume suggests that the tug of war grew in strength.

A rising OBV suggests more accumulation activities while the momentum oscillators are flattening in overbought territories. This suggests that demand is faltering and buying pressure is tapering off. A correction from oversold conditions could very likely be next.

Although a correction could be avoided if volume expands in the next few sessions as price pushes upwards, such a move would have a formidable sell queue to clear at $4.20. If ever this resistance was cleared, SPH's share price could fly.  At the moment, chances are slim that this would happen.  TA is all about probability after all.

Related post:
SPH: Waiting for elusive $4.20.


Anonymous said...

Hi AK,

I am very interested in your stock portfolio. Apart from high yield REITs, do you hold blue chips that maybe pay a bit less dividend but are safe for long term holding? I assume you like SPH, what's your opinion on Keppel Corp, SATS, DBS, Cerebos, or others? Is it a good time to buy any of these? Thanks,


AK71 said...

Hi Victor,

Many blue chips are great stable passive income generators. I have been a shareholder of SPH and ST Engineering for a very long time. :)

I did own Keppel Corp shares for a short time last year but divested for capital gains.

What do I think of the counters you listed? I have to be frank with you: I don't really have an opinion. You might want to do some basic fundamental analyses (FA) of these companies first.

As for whether it is a good time to buy shares of these companies, from a technical analyses (TA) perspective, it would be safer to wait for a pull back before entering. The choice is yours, of course. :)

Drizzt said...

SPH had the worst economic moat right now.

ST Engine the less said the better. i have a personal vendetta against them.

AK71 said...

Hi Drizzt,

Oh dear, you have a personal vendetta with the two blue chips I have been a long time shareholder of? I am so curious now. Could you share your experience here? Or maybe provide a link if you have blogged about it? Thanks! :)

Anonymous said...

Thanks AK, you must be the most responsive blogger to his readers!


AK71 said...

Hi Victor,

I try my best to reply in a timely manner because I really dislike people ignoring my emails at work. Don't want my readers to feel like that. ;)

Good luck! :)

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