Healthway Medical, Golden Agriculture and Saizen REIT.

This is going to be a quick look at Healthway Medical, Golden Agriculture and Saizen REIT.  A quick look is all I might be able to do in the next couple of days as I am on vacation and the internet connection at the hotel is rather pricey. I am writing this after midnight after a nice night out.  I hope I am still writing coherently.

Healthway Medical closed at 17.5c on Monday, the same as the previous session last week.  It is showing resilience as expected.  However, the price moved to touch a high of 18.5c before closing lower.  This formed a candle with a long wick on top.  If you have been following my blog, you might remember that I dislike such candles.  Price is unable to close higher on a day with much higher volume.  Not too positive, you might agree.  OBV and MFI are flat, suggesting a lack of conviction either way.  The MFI is hovering under the overbought region and that suggests that any upside in the immediate term might not be very durable.  Fundamentally, I am not convinced that Healthway Medical should trade at anything higher than 18.5c which is what it is worth, post rights, if it trades at the same valuation as Raffles Medical Group, both in terms of PE ratio as well as P/B value.

Golden Agriculture's bullish reversal candle in the last session was not confirmed on Monday.  It has also formed a candle with a long wick on top which I dislike.  Price closed lower today at 53.5c.  However, unlike Healthway Medical, volume was much reduced yesterday with MFI declining to the 50% level.  At this level, there is more room for price to move higher if a reversal comes along.  Of course, MFI could continue to move lower and if the price decline stalls or moderates as this happens, it is actually a positive. OBV continues to decline but more gently, suggesting that distribution might be moderating. I would accumulate Golden Agriculture at the next support levels I identified in earlier posts.

Saizen REIT's price closed unchanged and it seems that the rising 20dMA is providing some support at this point in time.  Volume shrank while MFI continued its decline.  OBV has flattened.  What is interesting is the declining MFI.  This suggests a lack of buying momentum but if this continues to lower without any corresponding decline in price, it is actually a positive.  I would keep an eye on this.  Saizen REIT is still a counter I will continue to accumulate at supports.  This REIT, I firmly believe, is going to be re-rated upwards in time and when that happens, the market will recognise its value in the usual way.

Have a good Tuesday, everyone.