Something is wrong with Chart Nexus today. Data for last Friday is missing. So, I won't bother including the charts today. Good excuse for me to do less work.
Healthway Medical: Price action formed a wickless black candle, the most bearish of candles. The bearish crossover on the MACD has accentuated. Bollinger bands are squeezing. More downside would not surprise me. 20dMA is support turned resistance at 16.5c. Supports at 15c and 14c will most likely be tested in time. I did not manage to reduce exposure at the 20dMA today. Will see what happens tomorrow.
Golden Agriculture: The 20dMA and 50dMA are both flattening. Might this be the start of some sideways trading? MFI is in oversold territory and the MACD's buy signal from last Thursday has not been nullified. 20dMA provides resistance at 56c while 50dMA provides near term support at 51.5c. 100dMA which has also flattened is at 48c. I still believe that if price moves to touch the 20dMA, it would be perfect to reduce some exposure.
Saizen REIT: Price action refused to touch 15.5c today. Extreme low volume day. The 50dMA, 100dMA and 200dMA have flattened. Should we expect sideways trading for a while from now? MACD has a buy signal, for what it's worth. MFI is stubbornly at 50%. Buying momentum is at equilibrium. This might be a frustrating time for potential buyers and sellers alike. I am still queueing to accumulate at 15.5c.
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4 comments:
AK71,
Agreed, today is a lousy. Hope it will not prolong.
I have disposed my 800 lots Healthway shares on average of @0.16.
Bought in 300 lots of Healthway Right @0.075 +(0.075)= 0.15 cents. Will accumulate more the next few days when the rights weaken further (if any).If I am able to buy in another 500 lots of rights at 0.07/0.065, I will not incurred any lost for the time being and my average price will be around 0.146.
Hope that it will not test the 0.14 support as predicted by you.
Kingston
Hi Kingston,
You contributed to much of the volume today then. :)
I am still vested in this counter. So, I hope that it would not sink to 14c too.
AK71,
Even if Healthway sink to 14 cts, if we have holding power and perseverance, both of us should be able to see lights at the end of the tunnel by end of 2010.
I believe this correction will reduce the STI to about 2500.
Kingston
Hi Kingston,
I cannot see so clearly what will happen by end of 2010. However, I believe that Healthway Medical has a business model that works.
There are existing risks, of course, and the new plans to expand in China will introduce new risks but that is to be expected.
There will probably need to be some proof that their expansion plans are being successfully executed in China in time before the counter moves decisively higher in price again.
Technically, the current weakness in Healthway Medical's share price looks set to continue. I might buy in again at 14c if it ever reaches that level. Will see.
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