Charts in brief: 20 April 10.

The STI clawed back 20.44 points today to close at 2,981.31 on respectably high volume. U.S. Futures are all showing an upward bias as of now.  This bull has legs.

Despite guarded sentiment, Phillip Securities says longer-term outlook for market still positive: “The reaction to Goldman’s fraud charges could eventually be trumped by what has been very positive S&P 500 earnings results.” Written by The Edge, Tuesday, 20 April 2010 13:30.

CapitaMalls Asia: Another black candle day as price closed at the support identified at $2.20.  My overnight buy queue was done.  Will the counter retest the low of $2.19 made in February this year or would price bottom here and start a basing process to form a double bottom?  Only time will tell.  Stochastics is suggesting that the counter is very oversold and further downside should see the next significant support at $2.12.

Golden Agriculture: Another doji as price stays above the rising 20dMA.  Volume has reduced. All MAs are trending upwards. From the MFI, it is obvious that positive buying momentum is lacking. Hard to say which way this might go.  So, no fresh positions for now.  Would buy some if price retraces to 56.5c.

China Hongxing: Closing at 15.5c, it formed a gravestone doji as price touched a high of 16c today.  Although it is a gravestone doji, I think it more positive than negative here as price did not touch 15c the whole day.  This means that, for the first time since 26 January, China Hongxing managed to trade at or above the 50dMA the whole day. The MACD continues to rise and seems to be sneaking a peek above zero, heralding a return of positive momentum. However, volume is anaemic and this will have to expand for a convincing move up.

Courage Marine: Low volume day as MFI and OBV both turned up slightly. Not much to say here. I would accumulate on pullbacks. Overcoming the gap resistance at 23.5c should test the immediate target of 25.5c.  Eventual target is still 27c.

Saizen REIT: Someone sold down 3m warrants and 1m shares at 7.5c and 16.5c respectively, rather late in the day.  This caused the OBV and MFI to both turn down.  16.5c is now the new floor for Saizen REIT.  This is a support level provided by the 50dMA.  My overnight buy queue for more warrants at 7.5c was filled.

Healthway Medical: 16c is still holding up nicely as the support.  OBV is flat.  No obvious distribution.  MFI is declining gently, which is logical. This counter might just be basing at 16c for a while. Further downside will find support at 15c.

NOL: Formed a higher low yesterday as it closed at $2.24 today, forming a wickless white candle.  Nice.  Uptrending OBV suggests continuing accumulation. Taking out the recent high of $2.35 would suggest an immediate target of $2.50.  Eventual target is still $2.60.  A rising 20dMA and candlestick supports should limit downside in the near term to $2.11 but a stronger support is found at $1.96.

Goldman Sachs reported first-quarter earnings of $3.3 billion, or $5.59 a share, on revenue of $12.78 billion. Earnings nearly doubled from a year ago and the results were well ahead of consensus expectations. Posted Apr 19, 2010 05:16pm EDT by Aaron Task.





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Charts in brief: 19 April 10.

Charts in brief: 19 April 10.

Most of my portfolio hardly budged as the STI retreated 1.5% today.  The exceptions are the likes of CapitaMalls Asia and SPH.  AIMS AMP Capital Industrial REIT, LMIR, First REIT and Saizen REIT are holding steady.  I believe that any further weakness would bring out the buyers as the problem in the USA with Goldman Sachs should not have any material impact here in Asia.  It is not a financial meltdown or anything like it.  It is a legal matter and the proceedings are domestic in nature.

STI drops 1.5% to 2,960.93 at closing
Monday, 19 April 2010

© 2010 - The Edge Singapore

CapitalMalls Asia: Closed at $2.21.  I have put in my buy queue for tomorrow at $2.20.  In the last three sessions (today inclusive), the volume has been reducing as price retreated.  Stochastics has dipped into oversold territory.  MFI is declining fast and OBV shows some distribution.  Overall, not a pretty picture.  Any purchase of shares in this company is now based on fundamentals, not technicals as expectations of a feisty reversal is out the window for now.

Golden Agriculture: Price closed at 59c, supported by the rising 20dMA.  A doji is formed.  This is, of course, a possible reversal signal.  The MACD has just completed a bearish crossover.  Further weakness will see support at 56.5c, provided by the rising 50dMA.  I might reload then.

Healthway Medical: >2.6m shares sold down at 16c at 5.05pm, creating a gravestone doji in the process.  This is the first time the counter has closed at 16c since 3 March 2010.  The MACD has gone under zero, suggesting an end of positive momentum.  16c remains a critical support.  If this goes, the next support is at 15c.  That would be a nice price to accumulate some.

Saizen REIT: Some profit taking continues. MFI has formed a lower high but the OBV is flat, suggesting that although the buying momentum has stalled, there is no heavy selling down going on. The rising 50dMA is at 16.5c which coincides with my believe that 16.5c is the new floor for the counter and should be a strong support.  Uptrend is intact.

SPH: A big black candle day as price managed to close just 1c above $4.00.  Any further weakness will see support at $3.89 where we find the rising 20dMA.  The rising 50dMA is at $3.82.  I would accumulate on weakness.  Uptrend is intact.

Courage Marine: Down 1c, MFI is dipping out of overbought territory.  Any weakness should find support at 21.5c.  The flat 200dMA should provide support at 20c in case of further weakness.  I would accumulate on weakness as I like the fundamentals over the next few months at least.  Uptrend is intact.

China Hongxing: Closed 0.5c lower on lower volume. Signs are still good that this counter is probably prime for a breakout. Price action is now trapped between the 50dMA (15.5c) and the 20dMA (15c) in a crab-like pincer.  Going by the rising MFI and OBV since 30 March, the chances are good that price is likely to move higher.

Related post:
Charts in brief: 16 Apr 10.