Saizen REIT: Still accumulating

I am back in Singapore.  It's nice to have access to the internet without paying more.  It's also nice to be surfing the net with my big LCD screen.  Happy!

My overnight buy queue for Saizen REIT at 16c was filled today.  I would have liked to buy at 15.5c and I still have a queue at that price level.  However, I rationalised that it's only 0.5c.  No big deal.  I am still some way from the target I've set for myself in terms of the number of Saizen REIT units I want to have in my portfolio.  I'll buy in slowly at 16c.  If Saizen REIT does not revisit 15.5c, I would still be accumulating.

Saizen REIT's price action formed a graveston doji today.  I won't be too worried since there was only one trade done at 16.5c and only 7 lots were transacted.  16.5c is now resistance provided by the rising 20dMA.  The flat 100dMA provides support at 15c.  With the MFI forming a higher low, it shows the buying momentum, though weakened, is very much alive.

4 counters

Another down day for the STI as it closed just a few points above the 2,700 support.

Golden Agriculture closed at 50c which I've identified earlier as a critical support.  The black candle day took place with lower volume compared to the last session.  Price action formed a black inverted hammer which, together with the white inverted hammer, are considered possible reversal signals.  This has to take place after a series of down days which is the case here.  We will need confirmation tomorrow.  If the decline continues, the rising 100dMA provides near term support at 48c.

Healthway Medical closed at 17c, forming a dragonfly doji which is usually interpreted as a bullish candlestick.  However, this took place on the back of much reduced volume and a declining MFI which hit 50% today.  The buying momentum is broken but the declining MFI also gives more room for price to move upwards in the event of a reversal.

Q&M Dental is seeing its price retreat, closing at 49.5c, down from the lofty 60c not so long ago on the first trading day of 2010.  It should retreat.  I am not even looking at the charts.  Fundamentally, at 49.5c, it is still very expensive.

Saizen REIT closed at 15.5c, the support level provided by the 50dMA.  Both yesterday and todays' black candles were accompanied by relatively low volume. Rising 100dMA at 15c should limit downside.  15c is also a many times tested candlestick support and resistance level.  I have put in my buy queues.