In the last two sessions, I spoke of reversals for CapitaMalls Asia and Golden Agriculture and how their prices are likely to move higher.
CapitaMalls Asia disappoints today as its price closed at $2.29, supported by the 50dMA, forming a black hammer in the process. A black hammer is actually another possible reversal signal. The trading volume continues to decline which re-inforces the picture of a low volume pullback. The MFI turned down, forming a lower high while the OBV is more or less flat. All these suggest that the selling is half-hearted at best.
I continue to believe that buying at the current price has limited downside even though the buy signal on the MACD yesterday was negated today.
Golden Agriculture, on the other hand, put on a satisfying show of strength as it gapped up and closed at 57c, forming a bullish white candle in the process today. Volume has also expanded with the rise in price, suggesting some sustainability. The MACD's buy signal is confirmed as it moved upwards today, poised to do a bullish crossover with the signal line. OBV continues to rise, signalling ongoing accumulation.
MFI, however, continues to decline, suggesting weak buying momentum. We want to see the MFI turn up as that would signal a strengthening buying momentum. Otherwise, any appreciation in price might turn out to be mediocre.
Saizen REIT has a new substantial shareholder, Credit Suisse Securities (Europe) Limited. Credit Suisse Securities (Europe) Limited bought 2,149,000 units on 25 March 10, making it a substantial shareholder with 49,659,000 units or 5.2112 % of Saizen REIT. Percentage of issue share capital computed based on unit capital of 952,927,055 units. Saizen REIT closed unchanged at 16.5c today. Longer term MAs are all rising and the longer term uptrend is intact.
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14 comments:
Hi AK,
nice call on goldenagri today. i nearly let go of my units at 0.555 yesterday.
read somewhere that you have been gaining exposure to the yuan. Would you mind sharing how you do that? similar to your posts on silver and gold. I have been thinking that the appreciation of the yuan is one of those things that is bound to happen especially this year given all the pressures on it. But im not sure what is the best way to gain exposure. hope you can share your thoughts.
Hi AK,
Appreciate the TA effort and regular updates. I'm learning a lot from your blog and would like to understand how you determine your resistance levels.
Do you mind sharing how you arrive at the next resistance of 0.575 for Golden Agriculture?
Hi CT,
Well, TA is about probability too. See how it did not work for CMA today? ;) Let's see if Golden Agri follows through tomorrow to test the previous high, shall we? :)
With the RMB, it's easy. Go to the money changer and get some. Really, I am not kidding. I get a bit every month. I think there is no other way in Singapore to gain exposure to the RMB anyway. :(
Hi Pathfinder,
You are welcomed. I am posting about things which interest me. So, it is not too much work. :)
As for ways of determining resistance and support levels, there are many. Really, there are and I use a fusion of methods. You wanna get yourself some TA books to start with. There are two books in the box which says "Books I've Read" in the top right hand corner which you can consider. I started with those. The DUMMIES series. Very good. :)
57.5c is a psychologically important resistance level if you take a look at the candlesticks. Also, if you draw some Fibo lines, you will see that it appears too. :)
Hi AK,
Another CPO company going to be listed - GLOBAL PALM. Have you had a chance to look at the prospectus? Any views?
RK
Hi RK,
I am afraid not. I have stopped looking at IPOs for a long time now. I will wait to see how it performs in time. :)
Hi AK71! I have joined your saizen reit club since a few weeks back, at 0.165, but only 10 lots, poor student =( Hoping to see if i can load in another 5 lots to 10lots soon enough too.
Hi KT,
Nothing wrong with baby steps. :) Good luck to us all. :)
hello KT, i too only have 10 lots cause of budget contraints. haha. care to share what other counters you have?
Hi Raelynn,
Did you get your partner to do a FA for Saizen REIT? Maybe he would be interested too. ;)
Dear AK,
he's quite clueless about REITs, because afterall the criteria for what is a good REIT and what is a good company is quite different when you're looking at the charts and sheets. and i suspect he's actually still quite a novice at FA...
AK, im quite curious as to why CapMall Asia and not the parent company? despite different management teams, it is afterall the parent company?
Looks like Saizen is finally moving up now... that's good news for all who have vested for long term.
Looks almost certain that I will convert all my warrants previously bought at 0.07c. Including the mother shares, I have only 100 plus lots.. how I wish I have loaded more previously!
Hi Raelynn,
Your comment re-appeared. :)
All's well that ends well, I guess.
Hi RK,
I always say patience will be rewarded. Good luck to us all. :)
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