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Tea with AK71: Harry Potter at Bugis.

Friday, November 19, 2010

Day 3 of my vacation. I sent my car in for maintenance and took a bus to watch "Harry Potter and the Deathly Hallows: Part 1" at Bugis. I was somewhat apprehensive because I have read some not so good reviews about the movie but I was convinced by a friend that I should watch it for myself to form my own opinion. Being a fan of Harry Potter, it didn't take too much effort to persuade me.

So? I think it is quite good but the pace could have been faster and there should have been more effort to educate viewers on certain background information. Even if someone had watched all the first six instalments, without having read the books, he could have been quite lost in certain parts of the movie. Personally, I read all the books a long time ago and I had to try quite hard to remember certain bits myself. Anyway, I guess I would have to wait for Part 2 now. In the meantime, I might read the books again.

Holographic wanted poster of Sirius Black, Harry's godfather. Cool! This was angled from the left:
This was viewed head on:
This was angled from the right:
 Gallery of Harry Potter movie posters.
 Harry Potter et al flying up the escalators!

Related post:
Harry Potter and the Deathly Hallows: Part 1

Golden Agri, Kencana Agri, Healthway Medical and Genting SP.

Thursday, November 18, 2010

On 12 Nov, I mentioned that Golden Agriculture could see its support at 70c tested sooner than later. That support was tested today. Its share price bounced off the support and closed at 72c, ending the session 1c lower.


I still see a negative divergence between price and volume. The MACD has completed a bearish crossover with the signal line but being in positive territory, it suggests that the retreat in price could just be a correction. In such a case, we could see price weakening further to 65c, the next major support, if the support at 70c fails to hold up.



On 22 Oct, I mentioned that I was wary of Kencana Agriculture because its chart "seems to display classic signs of negative divergence between price and volume, price and MACD, price and MFI as well as price and RSI.  The shorter term 20dMA seems to be flattening."


This picture has hardly changed as its price declined to 42c, the support provided by the 20dMA, on relatively low volume. This was after three attempts to break resistance at 45c without success. I could be wrong but we might be seeing the formation of a rising wedge. If such a pattern is valid, the downside target could be at least 39c, which also seems to be a rather strong support.

On 13 Nov, I mentioned that "With the MACD, MFI and RSI all in their respective downtrends, a retest of the support at 15c is rather likely" for Healthway Medical. The counter ended the session at 15c today. The down channel's support in the next few sessions is probably at 14.5c and we could see this tested if the support at 15c fails. I still feel that 15c is a relatively strong support and if it holds, we could see the formation of a double bottom.


However, with the MACD having completed another bearish crossover with the signal line in negative territory and without any sign of a positive divergence, it could be rather risky to buy in at this stage. The downtrend might have to run its course.

Genting SP's fortunes have taken a turn for the worse. On 12 Nov, I mentioned that "If the price starts at $2.18 or higher in the next session and manages to break resistance at $2.21 which is the 50% Fibo line as well as the 20dMA, we could have a recovery. Having said this, the MACD has been moving lower as price moved higher, presenting an obvious picture of negative divergence. I would treat any rebound as a chance to reduce exposure."



Well, price started at $2.14 in the next session and closed lower, forming a black candle that almost completely engulfed the white spinning top. Closing at $2.05 today, it has gone below the support provided by the 50dMA. The counter had not traded below the 50dMA in many months.

The negative divergence between price and the MACD is playing out. With the MACD approaching zero, momentum could quickly turn negative as the lower highs on the RSI suggest weakening buying momentum. If price does not recapture the 50dMA as support, immediate support is at $2 with the next support after that at $1.85.



Related posts:
Saizen REIT, First REIT, Golden Agriculture, Genting SP.
Healthway Medical: 3Q 2010 results.


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