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Charts in brief: 24 May 2010.

Monday, May 24, 2010



FSL Trust: There is confirmation of the reversal signal. Price closed higher at 45.5c. There is a chance that the counter might move to test 50c but before that, expect resistance at 47.5c and 48.5c. MACD is closing the distance with the signal line.  MFI has emerged from the oversold region after forming a higher low. A rebound is underway.




SPH: A white candle formed but it's not a morning star set up. Volume was not impressive either.  It was a weak rebound. It remains to be seen if volume will expand meaningfully if price continues to move up. Initial resistance at $3.82 followed by $3.91.



Golden Agriculture: A bearish day as all the gains of the previous session was wiped out today. OBV continues to decline which indicates continuing distribution. Volume continues to decline as the price pulls back. As the downtrend is intact, I would wait for clearer signs of bottoming before adding to long positions.


LMIR: Reversal signal failed. Very bearish. OBV continues to decline, indicating continuing distribution. MACD continues to increase its distance from the signal line, pulling away downwards. This counter is still trying to find a bottom.


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