Charts in brief: 26 May 2010.

STI rises 1.7% to 2,696.02 at closing
Wednesday, 26 May 2010

© 2010 - The Edge Singapore

Courage Marine: The BDI closed above 4,000 at 4,187.  That is up 6.188%.  Courage Marine, however, closed lower at 17.5c while Cosco, NOL and STX Pan Ocean rose. This, in my opinion, is an invitation to buy more shares of Courage Marine. 17.5c is a long term support and downside should be limited.  Another hedge, perhaps.

SPH: Formed a white hammer and recaptured the 200dMA at the same time.  This is a bullish reversal signal.  Resistance to be found at $3.82 to $3.84 which are price levels at which are found many times tested candlestick resistance and supports.  The 100dMA is also at $3.82 while the descending 20dMA is fast approximating $3.84. As the MACD is still descending in negative territory, this is likely to be just a rebound.

AIMS AMP Capital Industrial REIT: MACD is still drawing away downwards from the signal line as the histrogram turned green. MFI is still in oversold territory. 20c has been established as the new support. Any upward movement in price is likely to be capped by the gap resistance at 21.5c which is also where we find all the MAs bunching up.

LMIR: A gravestone doji suggests a failed attempt to move higher in price.  OBV turned up but the buying momentum is weak as suggested by a lower high on the MFI. Fundamentals are still good but I would wait and see due to the very weak technicals.

FSL Trust: A smaller white candle forming in the middle of a preceding larger black candle, we have a bullish harami setup.  If this setup is valid, price could continue higher to test 50c. The MACD is closing in on the signal line while the MFI is rising sharply. The technicals certainly suggest that the downward momentum is exhausted and a rebound is looking more likely.

CapitaMalls Asia: Nice white candle day. MFI formed a higher low. MACD averted a bearish crossover with the signal line. If price continues to move higher tomorrow, we would have a higher low.  Next resistance at $2.12 which was the support that failed on 4 May. This coincides with the trendline resistance. Going higher would find resistance at $2.19, an important support that held up in February. $2.19 is also where we find the descending 50dMA.

Saizen REIT: Another anxious seller.  This time at 3pm, 1.7m shares at 15c. FA is about value and TA is about price. So, the market could get quite irrational.  The next support, if 15c fails to hold up, is at 14.5c.  If the market is willing to sell to me cheap, I am willing to buy.  As of now, the 12 months uptrend is still intact.

Related post:
Charts in brief: 25 May 10.

Charts in brief: 25 May 10.

On 20 May 2010, I said that "to keep a semblance of an uptrend, the next low formed by the STI should be higher than 2,660 points." Today,the STI closed below 2,660. The uptrend is broken and we have a bloodbath.

STI drops 2.7% to 2,650.61 at closing
Tuesday, 25 May 2010

© 2010 - The Edge Singapore

Golden Agriculture: CPO closed 2.17% lower today at RM2,436.  The downtrend is reinforced.  Golden Agriculture's share price has weakened as well to close at 48c. Further weakness would test support at 46c, 45.5c and 42c.  This counter is still looking for its bottom.  Not a good time to go long here.

Courage Marine: BDI is up 2.575% at 3,943 and yet Courage Marine's share price weakened somewhat today, touching a low of 17.5c before closing at 18c.  17.5c has significance as the base price of the double bottom formed over the last few months.  Was what we saw today the base of the third bottom? A triple bottom in the making? Volume has been reducing as the price pulled back. BDI has been rising but Courage Marine's share price has been in decline. The signs are too tempting and I bought some shares at 18c. Just a hedge.

SPH: On 23 May, I mentioned "there would probably be a lower entry price to go long on this counter. I would wait and see." Closing below its 200dMA signals more downside to come.

Let us see if the support at $3.62 would hold up if tested.  This is where we find the rising 50wMA.

Saizen REIT: The news that North Korea is getting ready for war with South Korea seems to have spooked some investors.  One person sold more than 2.3m shares at 4.01pm at 15.5c a share.  This caused the 15.5c buy queue to be wiped out. Saizen REIT has not closed at 15.5c since January this year. However, a look at the weekly chart confirms that the longer term uptrend is still intact as price is still being supported by a rising 50wMA. I would wait and see.

Related post:
STI: Falling through the 200dMA.
Charts in brief: 24 May 2010.

Charts in brief: 24 May 2010.

STI gains 0.8% to 2,723.87 at closing
Monday, 24 May 2010

© 2010 - The Edge Singapore

FSL Trust: There is confirmation of the reversal signal. Price closed higher at 45.5c. There is a chance that the counter might move to test 50c but before that, expect resistance at 47.5c and 48.5c. MACD is closing the distance with the signal line.  MFI has emerged from the oversold region after forming a higher low. A rebound is underway.

SPH: A white candle formed but it's not a morning star set up. Volume was not impressive either.  It was a weak rebound. It remains to be seen if volume will expand meaningfully if price continues to move up. Initial resistance at $3.82 followed by $3.91.

Golden Agriculture: A bearish day as all the gains of the previous session was wiped out today. OBV continues to decline which indicates continuing distribution. Volume continues to decline as the price pulls back. As the downtrend is intact, I would wait for clearer signs of bottoming before adding to long positions.

LMIR: Reversal signal failed. Very bearish. OBV continues to decline, indicating continuing distribution. MACD continues to increase its distance from the signal line, pulling away downwards. This counter is still trying to find a bottom.

Tea with AK71: Movie going.

When I was a NSF years and years ago, a common activity in the evenings was to go to Yishun 10 and watch a movie.  In those days, we could buy a stored value card and it was only $5.50 per ticket, effectively.  Then, some criminally minded tech genius found out how to clone the cards and Golden Village stopped the sales of such cards. Pity.

If the camp was not so far away from my home in those days, I might not have gone to the movies so often.  I would have preferred to go home in the evenings, I guess. Since we had to go back to camp by 11.59pm at night, it just didn't make sense for me to make the long commute both ways.

I remember one evening, I went to the cinema and found that I had watched every single movie there was to watch at the time.  Yes, even those which I didn't think I would enjoy, I'd watched. That's how good a customer I was for Golden Village then.  During that time, I got used to watching movies on my own and actually enjoyed it.

I don't go to the movies as often nowadays.  If I do go to the movies, I would go with friends or family. However, I recently watched a movie alone.  That was IP MAN 2.  Watching a movie alone again brought back memories of my NS days. I might watch Shrek 3 alone too.