Saizen REIT: Sell signal negated

Saizen REIT's sell signal on the MACD was negated today with the MFI turning up and forming a higher low in the process. Are things picking up? The price closed at 17c today which is a resistance level provided by the previous high on 26 Aug 09. However, the volume which accompanied the upmove today was much lower and in fact, the negative divergence between price and volume from early October till now is quite clear.

If 17c is taken out convincingly, the initial target is 19c. The rapidly declining 100wMA at 21c should put a cap on gains should 19c be taken out this week. I continue to see support at 15.5c and will wait to accumulate at that level.

SPH: Moving up for real?

SPH has a nice white candle day with the rising 100dMA seemingly giving it a bit of a push. This prevented the MACD from completing a bearish crossover. However, putting on 7c to close at $3.69, a many times tested candlestick resistance and support level, on relatively low volume is not very convincing. As the MFI shows, the buying momentum has been rangebound between 13% and 50% for more than two months now and has been steadily forming lower highs since August 2009. OBV still shows a downward trend that is levelling off with no significant increase in accumulation activity per se. Unless there is a meaningful increase in volume together with a move up in price, SPH is unlikely to break out of resistance.

The rising 20wMA provides immediate support at S$3.62. While breaking the resistance provided by the declining 200wMA at $3.80 gives SPH an eventual target of $4.00 which was a strong support level that gave way decisively in July 2008, a break below $3.62 would see more downside.SPH: A chance to accumulate?