Posts
Sound Global is going through a low volume pull back now but with the CMF negative and forming a lower low, I was probably too hasty in adding to my long position today at 66c.
Let us see if 64.5c is tested next. I have an inkling that a very strong support is at 61.5c, the many times tested resistance in the middle of 2012.
59.5c would be an even stronger support as that is also where we find the 100w MA. In the short term, there could be further weakness but in the longer term, I see strength.
China Minzhong is taking a breather too. Immediate support is at 96.5c. If that should go, the next support is at 87.5c.
Related posts:
1. Sound Global: Another resistance level broken.
2. China Minzhong: Partial divestment at $1.01.
Bloggy Award
11 comments:
Thanks for the updates, matey!
Thumbsup*
ha ha AK, I knew you wouldn't be too perverse to stop blogging abt CMZ :)
CMZ is climbing today... dead cat bounce? Or reversal? :)
Hi JCK,
Update? I was just talking to myself. ;)
Hi Ray,
If I were to hazard a guess, I would say that CMZ is drifting lower. Just a guess. :)
cmz today closed with a doji at $1, indicating sellers and buyers were at equal strength. it is anybody guess cmz direction on monday.
need confirmation.
Hi seefei,
Volume is very low which suggests that both bulls and bears are just taking a wait and see stance.
Pulling back on lowering volume is generally not a bearish sign. Also, the white spinning top formed today is more bullish than bearish.
The rapidly rising 20d MA which is approximating 96.5c now could exert a bit of a push next week which possibly would make 98.5c, the low of the last two sessions, the support to watch.
The MACD is about to form a bearish crossover but in positive territory. This suggests that momentum is still positive and we are just seeing a bit of a pull back for now.
Best to keep some powder dry in case the pull back is a bit stronger.
I wouldn't mind if its share price were to retrace a bit more. ;p
took a small bite after seeing a doji forming.... if it drops further will buy more :)
Hi Ray,
Hope you make some good money on this one. Well, chances are good after the DJIA's spectacular move in the last session. :D
Minzhong’s share has gained 94% since our BUY call in June 2012. Despite the strong rally, the current valuation of 3.7x FY6/13F PER still seems undemanding. Further upside could come from more good results, dividend payout and/or the re-rating of the S-chips
sector.
Maintain BUY and target price of SGD1.16. Our earnings forecasts are also unchanged. However, we may review our numbers and target price if the company’s results exceed our expectations.
Source: MayBank KimEng (7 Feb)
Hi,
I have added small position for Sound Global today at 64.5 cents.
Hope the breakout from downtrend channel will since Dec 2012 can be sustained.
Looking forward for it to re-test its $1.03 high...
Cheers
Yee
Hi Yee,
$1.03 would be very nice. Crossing fingers. ;)
Post a Comment