Saizen REIT impresses

Saizen REIT broke the 17c resistance level, forming a wickless white candle and closing at 18c in the process. This is on the back of very much higher volume and, if the move is confirmed in the next session, effectively turns the 17c resistance into support in the near term. The rising MFI is on the way to forming a higher high. As the index is not overbought yet, a follow through in the next session might see the initial target of 19c tested.

Please refer to my post on 11 Jan for a recap. In that post, I said "if 17c is taken out convincingly, the initial target is 19c. The rapidly declining 100wMA at 21c should put a cap on gains should 19c be taken out this week."Saizen REIT: Sell signal negated. If 21c is taken out, I see an eventual target of 24c which was a candlestick support level that gave way decisively in October 2008 and is now a gap resistance.

Saizen REIT is one of the three counters I've identified in the last few months that would help to build my wealth in 2010. Its fundamentals have strengthened and the market will recognise this in the usual way. Three portfolios and three counters: future gains and passive income