FSL Trust: Approaching target.

On 9 August, I said that "I also have some units which I bought in the recent crash. Why? I explained that the purchases were made based on TA and are for a trade. Looking at the charts, FSL Trust's price has not just found a floor, it has most probably bottomed.  So, would I sell at the bottom?  No." and that "From a FA perspective, it is true that FSL Trust has very high risks and its propects seem bleak in the longer term but would it go belly up in the next few months? Rather unlikely as the world economy is still on the mend and the fortunes of the shipping industry are looking up."

On 4 October, I said "46c is still the resistance to watch although it was briefly taken out today on higher volume. Eventual target remains defined by the descending 200dMA, currently at 50.5c."

Today, a white candle was formed as price closed at 47.5c.  46c could possibly be resistance turned support and we are a step closer to the eventual target. MACD has been rising in positive territory. MFI has formed higher lows and higher highs. Things are looking benign. However, volume is lacking suggesting that a lack of sellers rather than an abundance of buyers is the reason behind the price appreciation. This puts into question the sustainability of the recent buoyant price action.

Related posts:
FSL Trust: Where to from here?
FSL Trust: Challenging resistance.

Gold and silver: New highs.

"Gold, up 2pc this year, is heading for its 10th consecutive annual gain, the longest winning streak since at least 1920. On Tuesday, bullion for immediate delivery added as much as $13, trading at $1,326.97 an ounce in early London trading....

"Also on Tuesday, silver advanced to a 30-year high, increasing 1.3pc to $22.2319 an ounce – the highest level since September 1980. "

Read complete article here.

Related post:
Gold can double from here over the next 5 years.
Buy more silver on weakness.

ASTI: Testing support at 11c.

ASTI's share price tried unsuccessfully in earlier sessions to stay above the 12c resistance. Today, share price closed at 11c amid weakening technicals.  The MACD just completed a bearish crossover in positive territory.  RSI is testing support at 50% which suggests weakened buying momentum.

11c is where we find the rising 50dMA.  A stronger support would be at 10.5c which is where we find the rising 100dMA which coincides with the uptrend support line. I believe that the fortunes of the semi-con industry would continue to improve and would, therefore, accumulate if ASTI's share price should retest support at 10.5c.

Related posts:
ASTI: A doubling of share price in time.
ASTI: Breakout, almost.

Hock Lian Seng:Target hit.

On 27 Sep, I mentioned that "A support seems to have formed at 30c for this construction stock.  Further upside would give a target of 32c." Today, Hock Lian Seng's share price touched a high of 32.5c before closing at 31.5c as volume exploded.

The MACD completed a bullish crossover in positive territory as the MFI spiked into overbought territory while the OBV turned up sharply. The RSI, however, is somewhat lukewarm and has yet to break out from a series of lower highs.  This coupled with a white candle formed today with a long upper wick puts into question the sustainability of today's upmove in price. Interpretation: Strong demand and accumulation but buying momentum is muted by strong selling pressure at resistance (32c).

I sold some of my shares at the 32c target today. Although I still see strong support at 30c where we find the rising 20dMA, 30.5c could very well be resistance turned support. I would buy again if it gets to those levels. Immediate resistance remains at 32c and if that breaks convincingly, the next target is at 34c.

Related post:
Hock Lian Seng: 32c target.