SPH, Healthway Medical and Golden Agriculture

SPH
After the positive newsflow yesterday, SPH powered upwards to $3.82 forming a wickless white candle today. This effectively broke the resistance provided by the declining 200wMA at $3.80. As the white candle day took place on the back of very much higher volume, the target of $4.00 which I identified in earlier posts looks attainable. This is especially so with the MFI rising rapidly today but has yet to reach the overbought region. To those who hedged and bought some when SPH was at support ($3.60 to $3.62) recently, congratulations.

Healthway Medical
A black candle day and Healthway Medical closed lower at 18c on higher volume. The gravestone doji was a harbinger of bad news, after all. MFI continues to decline and is emerging out of the overbought region. Expectation is for the weakness to continue. Support levels identified in an earlier post are still valid.Healthway Medical: Black spinning top.

Golden Agriculture
A white candle day on reduced volume does not impress me. Unable to gap close on a white canlde day is a bearish sign and the gap resistance at 61.5c remains. I am still of the view that the price will weaken and, therefore, I shall wait to accumulate at supports on the way down. If the price should rise instead and the gap resistance is taken out, initial resistance would be the recent high of 65.5c and the eventual target is 69c.

Saizen REIT impresses

Saizen REIT broke the 17c resistance level, forming a wickless white candle and closing at 18c in the process. This is on the back of very much higher volume and, if the move is confirmed in the next session, effectively turns the 17c resistance into support in the near term. The rising MFI is on the way to forming a higher high. As the index is not overbought yet, a follow through in the next session might see the initial target of 19c tested.

Please refer to my post on 11 Jan for a recap. In that post, I said "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."Saizen REIT: Sell signal negated. If 21c is taken out, I see an eventual target of 24c which was a candlestick support level that gave way decisively in October 2008 and is now a gap resistance.

Saizen REIT is one of the three counters I've identified in the last few months that would help to build my wealth in 2010. Its fundamentals have strengthened and the market will recognise this in the usual way. Three portfolios and three counters: future gains and passive income