A counter which has been hotly discussed is Oceanus. Personally, I am not vested in this counter but the word "Oceanus" came up a few times when I went through the list of words put into the "search" function in my blog. So, this is a TA of Oceanus for anyone who might be interested.
On 30 Dec 2009, after forming a black spinning top with extremely long legs, usually a strong sign of a possible reversal, Oceanus' price has been sliding down in the last few sessions. The reversal sign was confirmed on 31 Dec 2009 by a sell signal on the MACD. Breaking the 61.8% Fibo line at 41c yesterday and closing below the line today suggest that more downside may follow. Next support level is provided by the 50% Fibo line at 39c which coincides with the rising 20dMA. Rising 50dMA and 100dMA limit further downside at 36c. The short term uptrend is drawn using the color army green and from this, we see that the uptrend is still intact.
However, with the MACD poised to do a bearish crossover, more downside is probable. The risk premium is not as high as it was in the last two trading days of 2009 but waiting for a pullback to stronger support levels might be prudent before accumulating.
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6 comments:
Hi AK71,
Oceanus issued of new shares today.So what do you think that the shares price will drop tomorrow morning or continued to climb?
Woah! Hot potato! Without prejudice, in terms of TA, it looks good. Buy signal on the MACD seen today. MFI turned up and formed a higher low. Not overbought yet. So, technically, it should have room to climb higher.
You might want to visit "Time to Huat!" in my "Investors & Traders" blogroll.
Hi AK71,
Thanks.We shall wait and see if this potato is really that hot or need to put in the oven to re-baked again.haha =) eat it while its hot
This counter is not for the faint hearted. I am still not vested. Good luck, mon ami. ;)
Hi AK71
It seems like the counter is moving uptrend nowadays? What is your view for the price to move equivalent to Taiwan's stock?
Hi Anonymous,
I am afraid I know almost nothing about Oceanus' business and I definitely do not know how the Taiwanese market would affect it. Good luck. :)
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