Very, very tired from a long journey back to Singapore. Need to sleep. Yawn. I have just replied to four comments from readers and I could barely keep my eyes open now. So, this is going to be a very quick look.
STI is up 35 points on respectable volume. I expect the index to continue gaining for a bit more. This is probably a good chance for stale bulls to reduce exposure. I wouldn't be adding to my positions except for those in counters which remain promising (read limited downside and good upside potential).
Golden Agriculture is pushing higher as expected. I have divested some as a hedge, gaining 10% in the process. If you followed my posts on this counter, you would remember that I have a target price of 59c for the upmove this time round. This remains unchanged. MFI has just risen above 50% and is a long way from being overbought.
Healthway Medical confirmed the buy signal we saw on the MACD in the last trading session of the Year of the Ox. You might remember we talked about this in my last post on Healthway Medical as well. Immediate resistance is at 15.5c, the 20dMA. Continuing upmove in price could see the XR high of 18.5c tested once more. Volume needs to expand more meaningfully for any upmove to have a more lasting impact.
Saizen REIT has no movement and I hope to collect more at 15.5c thereabouts. This REIT, I believe, is a sleeping giant.
OK, would like to blog more but need sleep.... zzzz...
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5 comments:
Hi,
ur blog has become a daily read for ur intelligent perspective on the markets.
i was wondering why u would reduce ur exposure at this point in Goldenagri and STI. do u think that there will be another correction soon? or are u just afraid of high volatility? could u expand ur thoughts on that? i ask because it seems to me that after this correction, the entire mkt seems poised for a steady uptick.
Hi CT,
Thank you very much for the compliments and also the very sharp questions. I like them so much that I think I will blog a reply. I have to leave home now and will do this later in the day. Look out for it. :)
Hi, AK71,
I was trying to load Healthway medical at 13.5 cents last week but didn't get it. Price has shot up yesterday due to CNY rally.
Do u think the correction has ended or not? Market still seems to look sideways to me... rather than any clear cut up or down trend.
Well... i would be glad if a correction can still come one more time and maybe give me one more chance to load healthway at 13.5 cents or 14 cents... :P
btw, u hv an interesting blog. Keep up the good work.
Hi, Chan?
What Healthway Medical experienced for the last two weeks or so was a low volume pullback. As price declined, the volume dwindled. Such a price decline usually indicates weak holders being shaken out. When the MFI plunged into oversold territory on 12 Feb and the MACD showed a buy signal, that indicated a possible reversal. That reversal was confirmed yesterday.
However, the reversal took place on rather low volume. Volume has to expand meaningfully for any upmove to be durable. If volume remains thin, any upmove in price is likely to be just a technical rebound from an oversold position. Situation currently lacks clarity.
If you really want to go long here, you might want to hedge in case price does continue to move up. Personally, I am already vested and do not feel the need to increase my position through hedging at 14.5c or 15c.
Thanks for the compliments and come back often. :)
just came across this and i have to agree this has been an excellent site! concise and yet very informative. keep up the good work!
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