Another down day for the STI as it closed just a few points above the 2,700 support.
Golden Agriculture closed at 50c which I've identified earlier as a critical support. The black candle day took place with lower volume compared to the last session. Price action formed a black inverted hammer which, together with the white inverted hammer, are considered possible reversal signals. This has to take place after a series of down days which is the case here. We will need confirmation tomorrow. If the decline continues, the rising 100dMA provides near term support at 48c.
Healthway Medical closed at 17c, forming a dragonfly doji which is usually interpreted as a bullish candlestick. However, this took place on the back of much reduced volume and a declining MFI which hit 50% today. The buying momentum is broken but the declining MFI also gives more room for price to move upwards in the event of a reversal.
Q&M Dental is seeing its price retreat, closing at 49.5c, down from the lofty 60c not so long ago on the first trading day of 2010. It should retreat. I am not even looking at the charts. Fundamentally, at 49.5c, it is still very expensive.
Saizen REIT closed at 15.5c, the support level provided by the 50dMA. Both yesterday and todays' black candles were accompanied by relatively low volume. Rising 100dMA at 15c should limit downside. 15c is also a many times tested candlestick support and resistance level. I have put in my buy queues.
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Wednesday, January 27, 2010Posted by AK71 at 6:00 PM
Labels:
Golden Agriculture,
Healthway Medical,
QnM Dental Group,
Saizen REIT,
TA
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2 comments:
AK 71,
Q for Goldon Agri at 0.48 but not successful.
Have sold 140 lots of Healthway rights at 0.085 to consolidate fund to buy in later but holding tight to my 700 lots of Healthway for long term investment.
May consider buying China Hongx if the price go down to 0.17.
Cheers
Kingson
Hi Kingston,
Golden Agriculture has been sold down rapidly in the last few sessions. MFI is fast approaching the oversold region. There is definitely some panic selling going on.
Healthway Medical, I am holding onto my shares and will subscribe to the rights. If the price does not decline from current levels, I will not add to my position. After all, this is not the only stock I am attracted to.
Good luck. :)
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