I have always disliked candles with long wicks on top. They suggest to me that the candles are burning up and that not much burning time is left. There is no gap up for Golden Agriculture today and price action formed a white candle with a wick on top which is almost as long as the body of the candle. There is increased trading volume today but that managed to push the price up to close only 1c higher. That the buying momentum is slowing down can be inferred from the levelling MFI, which is still firmly entrenched in the overbought region.
The price of crude palm oil (CPO) fell today to RM 2,630, down RM 72 or 2.66%. This likely dampened sentiments. A correction is expected after a strong run up but I feel that any correction should be short term in nature and presents opportunity for accumulation.
Eventual target price for Golden Agriculture remains at 62c but with weakened sentiments, flattening momentum and the many minor resistance levels along the way, it would be wise to reduce exposure as a hedge. Gap support is at 54c and this coincides with the 123.6% Fibo line.
FAKE ASSI AK71 IN HWZ.
Featured blog.
1M50 CPF millionaire in 2021!
Ever since the CPFB introduced a colorful pie chart of our CPF savings a few years ago, I would look forward to mine every year like a teena...
"E-book" by AK
Second "e-book".
Another free "e-book".
4th free "e-book".
Financially free and Facebook free!
Subscribe To ASSI
Posts
Comments
Monthly Popular Blog Posts
-
In recent times, I have found it much easier to talk to myself on YouTube. It is faster than blogging. This explains the greater number of v...
-
For those of you who follow me in my YouTube channel, you would know that something unfortunate happened recently to my father. So, I expect...
-
Another quarter has gone by and it is time for another update. For a change, I will reveal the numbers first. 3Q 2024 passive income: $85.2...
-
With DBS, OCBC and UOB doing so well in 3Q 2024, I had to take time off from gaming to produce a series of videos. For those of you who do n...
-
It has been more than a week since my last blog post. Things have settled into a new normal for me. In this new normal, my expenses have inc...
All time ASSI most popular!
-
A reader pointed me to a thread in HWZ Forum which discussed about my CPF savings being more than $800K. He wanted to clarify certain que... -
The plan was to blog about this together with my quarterly passive income report (4Q 2018) but I decided to take some time off from Neverwin...
-
Reader says... AK sifu.. Wah next year MA up to 57200... Excited siah.. Can top up again to get tax relief. Can I ask u if the i...
-
It has been a pretty long break since my last blog. I have also been spending a lot less time engaging readers both in my blog and on Face...
-
I thought of not blogging about my 2Q 2020 passive income till a couple of weeks later because Mod 19 of Neverwinter, Avernus, just went liv...
Bloggy Award
2 comments:
Dear AK71
I am a new but active trader on only 2 counters, Indofood Agri and Straits Asia. Would you kindly assist to chart and give your comments on the 2 counters since I am totally new on TA. Thank you.
NSW
Hi NSW,
Ooh, I would suggest that you pick up TA soon if you want to be an active trader. TA is helpful for investors but is TOTALLY essential for traders.
You might want to check this out if you have not done so already:
http://singaporeanstocksinvestor.blogspot.com/2010/01/risk-and-rewards-ta-and-fa.html
A free charting software from ChartNexus is available for download. You could also consider signing up with ChartNexus for their TA courses.
Very quickly:
IndoAgri has support and the uptrend is intact. The price action has been bouncing off the 20dMA which is at $2.28 today. Expect the price to retest the 20dMA. Resistance is at the previous high of $2.62. Overcoming that would give a target of $2.78.
StraitsAsia closed at $2.53, supported by the 20dMA today. The 20dMA does not seem like a very reliable support in the case of StraitsAsia. A stronger support is at $2.39, a candlestick support/resistance level that coincides with the 61.8% Fibo line.
This might sound Greek to you now but pick up TA chop chop and you'll be fine.
I won't be doing this for you again or else everyone might start asking me to do the same. Good luck on being a trader. All of us need luck. :)
Post a Comment