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CapitaMalls Asia: The reversal signal was confirmed today on moderately higher volume as a white candle was formed. Significantly, price closed above resistance provided by the 20dMA for the first time since 23 March. The MACD has made contact with the signal line and looks set for a bullish crossover. Stochastics has formed a higher low as it emerged from the oversold region. A retest of $2.41 is most likely in the event of a continuing upmove in price.
Golden Agriculture: Mixed signals seen. Sell signal confirmed on the MACD on a white candle day as price closed higher at 61c, forming a white spinning top in the process. The MFI has formed a higher low but note that volume is lower today, an up day, compared to the last two days which were down days. In TA, we work on probabilities based on the weight of the evidence. This is one of those occasions where I cannot tell if the chances are higher for further upside or a correction downwards.
Saizen REIT: After a short bout of profit taking yesterday, Saizen REIT formed a dragonfly doji today on higher volume as price closed at 17.5c. MFI continues rising as the sell signal seen on the MACD yesterday was negated.
Healthway Medical: Price broke resistance today and touched a high of 17.5c before closing at 17c, the resistance provided by the declining 20dMA. Volume expanded and it seems that the MACD might do a bullish crossover with the signal line. MFI has formed a higher low, suggesting a return of buying momentum. OBV has turned up. All these are providing hopeful signals to people who remain bullish on Healthway Medical in the short run. Another chance to sell at 18.5c, perhaps?
SPH: Another white candle day for SPH as it closed at $3.97, just three cents short of the target I have for it at $4.00. The MACD is tearing away upwards from the signal line. Very bullish. OBV is rising steeply, suggesting ongoing accumulation. The MFI has moved into overbought territory but the momentum suggests that $4.00 is almost a foregone conclusion. After, $4.00? I see $4.20 as the next resistance.
AusGroup: In my last TA, I said that "the MFI has formed a higher low. This suggests that buying momentum is still strong. OBV suggests that there is no distribution yet. AusGroup might try to push higher again but things are looking dicey". AusGroup closed at 65.5c today and looks like it might push higher. Congratulations to those vested.
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Charts in brief: 8 April 10.
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24 comments:
Hey AK71, i have been doing some checking on this counter GMG. The business seems to look compelling on a long term outlook with strong fundamentals (51% owned by Sinochem). Last 1-2 days i noticed on top volumes probably also because of rotational penny stocks churning. The FA looks good despite a horrific FY2009 (profitable but big erosion due to plummeting rubber prices). Pardon my asking, any idea how the charts looks like?
Hi AK71
The resistance of 65.5c predicted by you was touched last Friday. Will the next two resistence remains at 67.5c and 70c again?
Hi Jason,
GMG? Since you shared your knowledge of dry bulk shipping so unselfishly and so professionally, let me look at GMG's chart. Hehe.. ;p
It is quite clear that the stock began to move on 10 March as it closed at 13.5c that day, breaking all resistance levels. Momentum has been very good but it seems like it needs a break now. MFI is now very overbought and OBV has flattened after rising sharply. The last session saw the formation of a hangman, closing at 22.5c, and this is usually interpreted as a reversal signal.
The rising 20dMA is at 16c and there should be gap support at 17c. So, there could be some way to fall in case momentum peters out which seems pretty likely.
Of course, there is a probability that it could push higher but I don't feel good about chasing a stock. Looks risky.
Hi Anonymous,
I suppose you are referring to AusGroup. Next resistance is at 67.5c and we might see the price overshoot to touch 68c if sentiments are very bullish. If this goes, 70c is next.
Hi AK,
towards closing today, 1mil saizen shares was traded. was it a sell or a buy?
Lippo Maple trust looks good to buy? any comments?
Tks,
Sa
Hi Sa,
Your trading platform does not tell you? 1m Saizen REIT units were sold down at 16.5c today at 4.45pm. Some people got their buy queues filled at 16.5c today.
As for buying into LMIR, fundamentally, I believe that any price 50c or lower is a good price. It is, without a doubt, undervalued.
Haha i managed to get some saizen at 16.5cents today, like finally. I wonder who's selling down on this counter.. everyday a mil units..
-kelvin
Hi Kelvin,
That is a good price. I have some at 16.5c too but bought some weeks ago. It is still undervalued at this price or 17c or 17.5c, for that matter. My strategy for Saizen REIT is a simple buy and hold. Its unit price will reflect the true value in time.
Who's selling? Your guess is as good as mine. I would like to collect more warrants. ;)
Hi AK71
Mind sharing more on warrant? Am I right to say that, when the expiry date arrived, we need to buy in the actual share?
Hi Anonymous,
If you keep the warrants till expiry date, they become worthless.
You have the option of converting the warrants into Saizen REIT units anytime before the expiry date by paying 9c per warrant. Give your broker a call for instructions when you want to do it.
Of course, you could also simply sell the warrants before the expiry date.
Hi AK71,
Thanks for explanation on warrants. Can warrants be traded contra in SGX?
Hi Anonymous,
Yes, warrants are traded on the SGX like normal shares and you could do a contra. Could you leave me your name or initials in future comments? I don't like saying "Hi Anonymous". :)
hi AK1,
the brokers do not handle conversion of the warrants unless your warrants are in their nominees acct. Contact the warrant agent for the application forms to complete the conversion.
WARRANT AGENT
Name BOARDROOM CORPORATE & ADVISORY SVCS P/L
Telephone No. 6536 5355
Fax No. 6536 1360
Address 50 RAFFLES PLACE
#32-01 SINGAPORE LAND TOWER
SINGAPORE 048623
fyi, earlier i shared that no.70, credit lyonnais was the biggest seller for saizen and its warrant. recent days, i noticed that the selling was done by Daiwa instead. hope it helps.
cheers dp
Hi DP,
Haha.. Now, everyone knows I store my shares in a nominee account. ;) Thanks for the valuable information. :)
I am quite happy to accumulate more Saizen REIT units and warrants at lower prices. Daiwa should continue selling down. ;)
well AK, selfishly, really hope you do not get what you wish for..... i already got a truckload of it haha... but im quite sure you will make a killing fr saizen.
cheers dp
Hi DP,
Well, I am not really making a wish for Saizen REIT's price to decline further. I'm not so wicked. Hahaha ;)
Fundamentally, nothing has changed. Saizen REIT remains extremely undervalued and, like you, I also have a truckload of Saizen REIT units and warrants (although I am not sure what is the size of your truck). ;-)
If the units and warrants decline to 16c and 7c, I hope I get some. I'm waiting. ;)
haha, sad to say, i do not have 5%. just checking, you are not a remisier right?
cheers dp
Hi DP,
I don't even have 0.5%. Hahaha... Why do you wonder if I am a remisier? ;)
haha just wondering. maybe u can consider a career switch? btw, most remisiers i know do not even have your kind of knowledge.
cheers dp
Hi DP,
Haha, nah, I am not a remisier. I am a business manager. Knowledge is sometimes garnered through my work, sometimes accumulated over time and mostly gained from research.
Remisiers could gain a wealth of knowledge and experience in time. That is why the older remisiers are usually more savvy. It's an industry where older workers are definitely an asset, I guess. :)
Thanks for the encouraging comments and I will think about the career change you have suggested. ;p
seriously, do not agree with you on the point that older workers are assets in the broking industry. would love to write a 2 page essay to change your mind, but it will be better if you ever join the trade to find out isnt it?
cheers dp
Hi DP,
Haha... OK. Maybe not then. ;)
Actually, if you have a grievance to air, I would be happy to read your 2 page essay here. My blog can be a forum for you on the topic. :)
: ) dun be mistaken, i have nothing against older people. just that i believe experience counts for nothing if you do not learn. the best remisiers/traders i know are in their 30s to 40s.
oh btw, its really tough for remisiers to keep a blog. lotsa legal mumbo jumbos to take note of. so maybe its a gain for the rest of us to stay where you are. haha.
cheers dp
Hi DP,
Whenever I tell people I am older each time I see them, they tell me I am also wiser. I would tell them I am not so sure because being older does not necessarily mean I am wiser. ;p
Yes, I have heard that people working in brokerages cannot do this and that because there might be legal ramifications. Sounds like a lot of things to worry about and that is one thing I don't like to do, worry. ;)
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