SPH: BUY calls aplenty.

SPH: A slew of BUY calls from brokerages on the back of sterling results for 3Q10 sent the share price of SPH higher today. $3.95 resistance is now support. Up channel resistance has been broken. MFI and RSI continue their upward trends.  OBV shows continuing accumulation. Sell signal on the MACD histogram negated. Volume more than doubled as price touched a high of $4.00 today and closed 5c higher than the previous session at $3.98. Same question: $4.08? Looking more probable now. Punters who are considering a punt could possibly have an ideal entry point at $3.95 if this support is tested again.

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Charts in brief: 12 Jul 10.

Charts in brief: 12 Jul 10.

SPH: A sterling set of results with a 29.9% rise in 3Q net profit to $164.6 million from $126.7 million for the 3Q ending May. Could this push price to close higher tomorrow? Immediate resistance is at $3.95.  Closing higher than $3.97 would break the channel resistance and price could go much higher then.  With momentum still trending upwards, could we see $4.08? Perhaps.

Golden Agriculture: With the price of CPO firmly in a downtrend, the fundamentals are not looking up for Golden Agriculture. Momentum oscillators are downtrending and OBV is somewhat flat. Volume has, generally, been reducing since price recovered from the low formed on 24 May at 50.5c. We might be seeing the formation of a symmetrical triangle and there is a strong probability of price going lower. Immediate support is provided by the 200dMA at 52c.

Golden Agri target cut to $0.59 by Deutsche Bank
Monday, 12 July 2010

© 2010 - The Edge Singapore

LMIR: I think Mr. Market heard me.  Closing at 49.5c means that the downtrend resistance is broken. Momentum oscillators have similarly broken out of their downtrends. We could see the price testing the next resistance at 50.5c eventually if this keeps up.

Raffles Education: It might just turn out to be a short lived rally but a rather impressive one nonetheless. Price broke the downtrend resistance by touching a high of 34c before closing at 32.5c, forming an inverted cross which is bearish. Volume is also lower today as price attempted to move higher.  However, there is no negative divergence with the momentum oscillators yet. Could we see price trying to push higher again tomorrow? Perhaps. Immediate support is now the resistance turned support 50dMA at 32c. Could this hold up? It has to if price were to move higher.

NOL: A bearish engulfing candle. Frightful but the volume is much reduced on such an ominous black candle day. Therefore, is the counter just taking a breather? If the immediate support which is provided by the merged 20d and 100d MAs at $2 holds up, this could possibly be the case. If the support breaks, the next support is at $1.94.

NOL downgraded to Sell by Citi; Cuts target to $1.70
Monday, 12 July 2010

© 2010 - The Edge Singapore

Related posts:
LMIR: Recovering for real?
SPH: Up channel?
Raffles Education: A spectacular white candle.
Golden Agriculture: Rebounding.