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Sunday, March 28, 2010Posted by AK71 at 10:08 PM 4 comments
Golden Agriculture: Reversal signal?
Friday, March 26, 2010
Golden Agriculture was sold down yesterday due to negative news regarding Sinar Mas group:
Cargill wants Sinar Mas to address concerns over its agri practices. Cargill has threatened to drop Sinar Mas as a supplier if it fails to address general concerns over alleged illegal logging, a statement on its website said. Top European palm-oil buyers such as Unilever and Nestle have already stopped buying palm oil from Sinar Mas after Greenpeace released a report about forest clearing by Sinar Mas. A statement on the Cargill website said the firm had asked the secretariat of the Roundtable on Sustainable Palm Oil (RSPO) − an industry body of planters and green groups − to investigate the allegations made by Greenpeace "about illegal forest clearance and the Indonesian palm oil company, Sinar Mas.".....
Read full report:
http://www.remisiers.org/research//GoldenAgri-260310[1].pdf
Golden Agriculture's price action today formed a doji, closing at 54.5c, seemingly recapturing this support level. A doji formed after a long black candle in the previous session is a possible two stick reversal pattern which chart watchers call the Bullish Harami Cross pattern.
Although the MFI is down, suggesting a weakening buying momentum, the OBV has turned up suggesting that distribution has stopped for now and, indeed, reversed to see some accumulation.
We will need confirmation in the next session to see if the reversal signal is valid. In the event of a reversal, the initial resistance is at 56c, a many times tested support turned resistance. This is followed by 57.5c and 60c, the recent high.
Posted by AK71 at 8:28 PM 0 comments
Labels:
FA,
Golden Agriculture,
TA
CapitaMalls Asia: White spinning top.
A possible reversal signal is observed in CapitaMalls Asia's chart today: a white spinning top. This has happened on the back of lower volumes as its price declined, suggesting a classic textbook case of a low volume pullback. MFI has flattened while the OBV is still showing a gradual rise. This suggests that the selling momentum has stalled and that accumulation is ongoing.
The 50dMA seems determined to act as the immediate support as its rate of decline slows. The price action is caught between the 50dMA and the 20dMA which has flattened at $2.31.
Bollinger bands will squeeze as the volatility in price action falls. The probability of an upward movement in price is higher than a downward movement in this instance. The target of such an upward movement is the top of the base formation which is also where we find major resistance and that is at $2.55.
Posted by AK71 at 6:55 PM 0 comments
Labels:
capitamalls asia,
TA
Saizen REIT: 1,627 lots bought up.
Thursday, March 25, 2010
Today, a single buy order at 3pm mopped up the entire sell queue at 16.5c. 1,627 lots bought up. This caused the MFI and OBV to turn sharply up. The MFI has been dipping in and out of the oversold region recently. There is a lot of room for the index to move in the event of an upturn in price before it becomes overbought.
Is the high volume buy up today a one-off event or is it the beginning of more aggressive buy ups? Your guess is as good as mine. My purchase of Saizen REIT units is based on its compelling valuation and a potential upgrade by rating agencies. I shall wait and see.
Posted by AK71 at 11:48 PM 0 comments
Labels:
Saizen REIT,
TA

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