Charts in brief: 30 April 10.

STI rises 0.5% to 2,974.61 at closing
Friday, 30 April 2010

© 2010 - The Edge Singapore

CapitaMalls Asia: Closing at $2.19 on high volume on a white candle day confirmed a reversal.  The MACD continues moving upwards towards the signal line and could form a bullish crossover if the momentum continues.  MFI has turned up sharply but is still in the oversold region.  OBV has turned up sharply indicating increased accumulation.  Immediate resistance is at $2.23 and $2.27.

AIMS AMP Capital Ind REIT: This is the second session in a row where price closed at 23c.  The 50dMA is crossing 100dMA to form a golden cross. MACD continues to pull away upwards from the signal line.  MFI continues to rise but is not overbought.  OBV continues to climb upwards in a steplike fashion. This counter is unlikely to rocket upwards in price but it is a steady performer with limited downside.

Golden Agriculture: Another black candle day on heavier volume, with price closing unchanged. MACD is still in decline while the MFI and OBV are flattish. This counter seems to be stuck in a slow drift downwards and it has been forming lower lows.

Courage Marine: Buying momentum is still on the retreat as the MACD continues to pull away from the signal line on the downside. MFI continues its decline. However, OBV has turned up which probably resulted in today's white candle. Volatility has reduced somewhat and the Bollinger bands are beginning to narrow.  22c has been established as the immediate support.

Saizen REIT: Very high volume sell down today as units traded at only one price, 16.5c. Technically, things look bearish.  The MACD continues to decline towards zero.  MFI has entered the oversold region.  OBV has gone below what I identified as a critical support. Momentum oscillators have not been so bearish in a while.

Although the uptrend is intact, continuing sell down might see the price pushed to as low as 15.5c, a support provided by the rising 200dMA. It seems that the declining 100wMA is creating a tempest.

Of course, Saizen REIT is announcing its results on 12 May. Would that provide a positive catalyst for price to leapfrog the 100wMA? We will just have to wait and see.


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Charts in brief: 29 April 10.