Genting SP: Downward drift continues.

STI gains 0.4% to 2,980.69 at closing
Thursday, 22 April 2010

© 2010 - The Edge Singapore

I am getting somewhat bored with saying more or less the same things everyday for a while now.  The market has not been very exciting either way.  So, I am giving myself a break from doing a "Charts in brief" post today.  However, Genting SP's price caught my eyes as it touched a low of 85c before closing at 86c today.  I am not vested in this counter but the amount of interest it has generated as the biggest story in Singapore's entertainment and hospitality industries in recent times got me looking on as well.

Technically, it would seem as if a test of the previous low at 83.5c achieved on 4 March is on the cards. The 20d, 50d and 100d MAs are all downtrending.  The MACD is still below zero and has formed a bearish crossover with the signal line.  OBV shows distribution taking place.  MFI shows a lack of buying momentum.  Stochastics has just dipped into oversold territory. 

A bearish picture is obvious, no doubt. However, the selling down lacks strong conviction, in my opinion.  If we look at 18 Feb which was the day the $1.02 support gave way completely, the volume was extremely high.  Volume has been relatively low since that day as price retreated.  I am not saying that price could not go lower but I am saying that the current selling pressure does not seem as great as it was earlier this year.  Having said this, price could go lower and I see 80c as a significant support level.

What if 80c gives way? Well, a look at the weekly chart shows the 100wMA at 75c and this should provide a stronger support.

Related post:
Genting SP: Stale bulls' second chance?

Charts in brief: 21 April 10.

STI drops 0.5% to 2,967.65 at closing
Wednesday, 21 April 2010

© 2010 - The Edge Singapore

CapitaMalls Asia: The technical picture looks decidedly bearish.  OBV continues to decline as distribution continues.  MACD is pulling away downwards from the signal line. MFI is hovering above the oversold region while the Stochastics is deep in the oversold region.  Price is now testing the previous low of $2.19.  Continuing downward movement should see the next support at $2.12 tested.  If price starts basing at the current level, we might see the formation of a double bottom.

Golden Agriculture: Another doji.  I still see support at the 50dMA at 56.5c and would accumulate if price descends to that level.  By next week, the rising 50dMA would be at 57c.  100dMA is at 54.5c.  Price has not been able to break 62.5c in three separate sessions in recent memory.  So, that is likely to be an important psychological resistance.  I might sell some of my remaining shares at that level, therefore.

Saizen REIT: An extreme low volume day. We have a buy signal on the MACD. MFI bounced off 50% and OBV rose slightly. All MAs are still rising.  Price is still above the 20dMA which is at 16.9c currently.  In another few sessions, the 20dMA would be at 17c.

China Hongxing: Price closed at 15c, the support provided by the 20dMA, on reduced volume.  20dMA is still rising.  50dMA is still falling.  A golden cross in the making, it seems.

Courage Marine: Volume expanded and price traded at the gap resistance of 23.5c the whole session.  MACD is rising.  OBV shows keen accumulation.  MFI pushes higher into the overbought region. 25.5c is next if 23.5c is taken out convincingly. Positive momentum is very much present.

SPH: This elephant is flying. Another strong white candle day as volume expanded with price closing at $4.12.  OBV shows unabating accumulation. $4.12 was a resistance level in June 2008 that proved too strong.  If this is taken out, price could go on to test $4.33 but before that, another resistance could be found at $4.21.  This was a support level that finally gave way in May 2008 and was not recaptured since.

Related post:
Charts in brief: 20 April 10.