Saizen REIT: Still trading sideways. MFI has moved into oversold territory. The quarterly report will be released tomorrow in the morning before trading starts. Volume is very thin today as if everyone is waiting for the report before deciding on what to do next.
F&N: Uptick in the MFI pushed the index out of oversold territory as the terribly oversold counter seems to have attracted some buyers. Price action formed an inverted black hammer on respectable volume and has moved away from the lower limits of the Bollinger bands. If this continues, the correction is over and we might see some consolidation. Initial resistance is provided by a rising 200dMA at $3.83 followed by the 100dMA at $3.92.
Keppel Corp: MFI continues to rise and seems determined to form a higher high. This is a positive as it signals the return of some buying momentum. That the black candle day is accompanied by reduced volume today is also a positive. As of now, the counter's uptrend is stil intact.
SPH: A low volume day as price almost formed a white hammer. MFI has turned up. Let us see if the symmetrical triangle I talked about yesterday will deliver good news in time.
V2EDNMFSHXH3
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3 bue chips and 1 REIT
Wednesday, February 10, 2010Posted by AK71 at 9:25 PM 0 comments
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Fraser and Neave,
keppel corp,
Saizen REIT,
SPH,
TA
Healthway Medical: Almost but not quite.
Healthway Medical looked as if it was going to lose its support at 14c at one point today as almost 10m shares were sold down at 14c and wiped out the entire buy queue. However, no selldown took place at 13.5c and buyers came back to close the day at 14c.
The 50dMA support has held up. This is meaningful as not closing lower today has helped the counter to take the first tentative step away from the lower limits of the Bollinger bands. It has also broken out of its downtrend resistance. It is still too early to say if this means that the correction is over but it might just be an early sign.
MACD has crossed below zero, confirming that the upward momentum is well and truly over. In the next session, if price continues to stay at 14c or higher, we could say more confidently that the counter might be moving into a consolidation phase.
Posted by AK71 at 9:09 PM 0 comments
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Healthway Medical,
TA
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