Healthway Medical: Black spinning top

19.5c remains a stubborn resistance level which refuses to be taken out. Price action started the day at 19c, reached a high of 19.5, only to close at 18.5c, forming a black spinning top in the process. This is often a sign of a probable bearish reversal. MFI shows the buying momentum continuing to level off and the OBV shows that accumulation has halted. The only consolation is that all these negative signs are accompanied by much reduced trading volume.

With this week's spectacular run up in price, new support and resistance levels should be drawn. Using Fibo lines, we identify initial support at 16.5c (61.8%), 16c (50%) and a stronger support at 15c (38.2%). Eventual target at 19.5c is still the resistance to watch. If 19.5c is taken out, the next eventual target is 24c.

It is hard to maximise gains but we can always optimise gains and to do so, we cannot go very wrong selling at resistance and buying at supports in an uptrend.

Saizen REIT: "Good" bearish signs

Saizen REIT had another black candle day. Sell signal seen on the MACD. The MFI has formed a lower high which indicates that over the longer term, buying momentum has not really picked up. OBV shows only a slight bump up in accumulation activities.

As opined in an earlier post, with the rising 20dMA, the new support level for Saizen REIT is at 15.5c which was a many times tested resistance level. If this breaks, the next support level is at 15c which is supported by a flat 100dMA and a rising 50dMA.

A respite is actually good news for people who believe that Saizen REIT is undervalued and would like to start or continue accumulating. Passive income with high yields: Saizen REIT