Charts in brief: 29 Jun 10.

CapitaMalls Asia: $2.14 looks like it is support turned resistance. We will need confirmation tomorrow. Price touched a low of $2.07 (the 138.2% Fibo line) before closing at $2.11, just 1c shy of the 50dMA at $2.12. The MACD has completed a bearish crossover with the signal line while the MFI continues to decline. There is a lack of demand at the moment and OBV suggests that distribution is ongoing.  It is also clear that as price fell from $2.22 five sessions ago, volume has expanded.  Immediate resistance is at $2.14 and immediate support is at $2.07.

Golden Agriculture: Formed an ugly black candle that is almost engulfing. Closing exactly on the 52c support after touching a low of 51.5c suggests that we might see continuing weakness, especially with momentum oscillators downtrending.  The MACD is about to form a bearish crossover. Next support remains at 50c.

Genting SP: It has been a while since I did a TA for this counter but Citibank says that this is one of their biggest SELL recommendations right now. That got me curious enough to look at the charts. For more than a week, this counter has been generating reversal signals: dojis and spinning tops. Today, volume expanded tremendously as price touched a high of $1.20 before closing at $1.15, forming a black candle.  MACD is about to form a bearish crossover. The RSI is at 87% and suggests that the rate of increase in its price has been too rapid.  MFI, on the other hand, is not in overbought territory yet and is still uptrending. OBV is flat which suggests that any selling is well absorbed. At the moment, the uptrend is still intact and immediate support is at $1.12 as suggested by candlesticks and the uptrend support line.

Citi says Genting Singapore is a “top sell”
Tuesday, 29 June 2010

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LMIR: Another lower high on the RSI as price formed a wickless black candle today, breaking the support at 47c to close at 46.5c. The lower Bollinger band is at 45.5c while I see a natural support at 45c. For anyone who wants to own some units of LMIR, buying smallish numbers at these prices could be good hedges.  I see 44.5c as a stronger support.

Related post:
Charts in brief: 28 Jun 10.

Charts in brief: 28 Jun 10.

CapitaMalls Asia: This is hanging on to support at $2.14 but barely so as price touched a low of $2.11 today.  The 20dMA which is providing support at $2.14 seems to be flattening. More significantly, I would like to draw attention to the fact that closing at $2.14 today is different from closing at $2.14 last Friday because the uptrend is now broken.  MFI continues its decline and the MACD looks set for a bearish crossover with the signal line.  I would not go long at $2.14 now.  The downside risk is too high.

Golden Agriculture: An inverted white hammer on lower volume. Momentum oscillators are flattish.  There is just no oomph in the upward movement in price today as it touched a high of  54c before closing at 53c.  Immediate support at 52c as provided by the 20dMA.

Healthway Medical: Its price is showing resilience as trading volume declined. 19c has been established as the immediate support. OBV is flattish and there is no sign of distribution. However, MFI and RSI are both hugging the borders of their respective overbought zones.  Might this exert some downward pressure on price or is this counter just doing a correction using time and would resume its uptrend once the 20dMA catches up?

SPH: This counter has been delivering pleasant surprises lately. Today, it closed at $3.88.  This effectively overcame the declining 50dMA as resistance. $3.88 was the eventual target of a mini double bottom I identified some time back.  I also divested some shares at this price not too long ago. The move up today was not accompanied by an expansion in volume.  So, I am doubtful about its strength.  However, the MFI and RSI are both rising and their uptrends are intact.  Momentum is good and if the price continues rising to hit certain Fibo lines, I might sell more of my remaining shares.

Related posts:

CapitaMalls Asia: Weakening technicals.

Golden Agriculture: Inverted black hammer.

SPH: Reading the lines.