The email address in "Contact AK: Ads and more" above will vanish from November 2018.

PRIVACY POLICY

FAKE ASSI AK71 IN HWZ.

Featured blog.

1M50 CPF millionaire in 2021!

Ever since the CPFB introduced a colorful pie chart of our CPF savings a few years ago, I would look forward to mine every year like a teena...

Past blog posts now load week by week. The old style created a problem for some as the system would load 50 blog posts each time. Hope the new style is better. Search archives in box below.

Archives

"E-book" by AK

Second "e-book".

Another free "e-book".

4th free "e-book".

Pageviews since Dec'09

Financially free and Facebook free!

Recent Comments

ASSI's Guest bloggers

Golden Agriculture: 3 signs of possible weakness.

Monday, January 9, 2012

I am waiting to add to my long position here. There are signs that price could see some weakness in time to come.



1. Formation of a gravestone doji today on much higher volume. This suggests that buyers were unable to beat sellers as market participants mostly chose to lock in gains.

2. Declining volume as price rose. Volume is the fuel that drives rallies. Without volume, rallies would fizzle out.

3. A lower high on the MACD even as price formed a higher high. A negative divergence. Buying momentum is in decline.

Immediate support is at 72c. If this should fail to hold, I expect the 200d MA, a long term MA to be tested. This is currently at 67.5c.

6 comments:

Anonymous said...

Hi AK,

May I know what are your thoughts on Noble?
Today's lowest price hit 1.085.
From my charts, it seems to support is at 1.055.
This counter moves in a wave pattern recently and it looks ripe to make the next wave.

AK71 said...

Hi Anonymous,

I know nothing about the wave theory. So, I cannot comment on this.

The lower high and lower low formed recently suggest weakness. Indeed, the lowering MFI suggests continuing weakness in demand.

The MACD has been rising but in negative territory and has completed a bearish crossover with the signal line since flatlining last month. This suggests that any upward movement in price is a rebound. Immediate resistance is provided by the 20dMA at $1.145.

In case of a decline, $1.055 could provide some support but as the downtrend is pretty much intact, we need to see the momentum oscillators showing some strength from the bulls. Otherwise, a lower low could form.

Anonymous said...

Hi AK,

Haha...guess I've been misunderstood. I didn't know anything about the wave theory as well. I just see the pattern seems to follow a 'wave', up and down :).

Never notice the other indicators cos I'm too lazy :) so I usually only see the price movement.

Thanks for your insightful comment!
Think I'll just try my luck and put a buy order at 1.055.

AK71 said...

Hi Anonymous,

Ah, I see. Well, good luck then. :)

Could you include your name or initials in future comments? Thanks.

Anonymous said...

Hi AK,

You are really funny without knowing how humourous you are at times : ) That's why it is really enjoyable to read your blog.

Wishing you a prosperous 2012 !

KM

AK71 said...

Hi KM,

Am I? Really? Oh my. I hope I have not offended anyone in the process.

Wishing you a properous 2012 too. :)


Monthly Popular Blog Posts

All time ASSI most popular!

 
 
Bloggy Award