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Charts in brief: 5 May 10.

Wednesday, May 5, 2010



Saizen REIT: FA is about value. TA is about price. Although this REIT is still severely undervalued, when negative sentiments rule, its price could get pushed down lower. My overnight buy queue at 16c was not done.  I am back in the queue.


For people who are hoping to make a quick buck, this might not be a good time to buy in. MFI has formed a lower low and OBV is down. MACD is under zero. All technicals are bearish except for a consistent picture of low volume pullback. If this counter tests the rising 200dMA at 15.5c, I would buy more.

AIMS AMP Capital Industrial REIT: Technically, this REIT is stronger than Saizen REIT.  MFI has formed higher lows and OBV has hardly declined.  The MACD is poised for a bearish crossover with the signal line though. The merged 50d and 100d MAs provide an important support at 21.5c and 23c remains the resistance.


CapitaMalls Asia:  Could this be a morning star setup? If the price opens above today's closing price of $2.08 and trades to close at or above $2.12 tomorrow, there is hope. The MFI is still in oversold territory but the decline has halted.  OBV is still declining and amidst the distribution activity, price managed form a white candle today.  This, I view as positive. In the event of a successful morning star setup, I expect initial resistance at $2.19.


SPH: Fourth consecutive black candle day. Black spinning top today. Looking at the MFI, we see that this counter was overbought for quite a while.  The index is now moving towards 50%.  50% on the MFI sometimes function as a support or resistance.  Together with the black spinning top today, which suggests indecision in a downtrend, we might see a rebound.  This is especially the case when price is now trading at the lower end of the Bollinger bands.


In the event of a rebound, the downturning 20dMA should provide a strong resistance.  This is at $4.04 now. The set up now might give rise to a morning star pattern just like for CapitaMalls Asia.  We will have to wait and see.  100dMA provides support at $3.79 and 200dMA provides support at $3.67 in the event of a further decline in price.

Golden Agriculture: MFI declines. OBV declines.  MACD has gone under zero. Overall, a bearish picture. The price managed to close at 55.5c, the support identified in previous TAs.  However, that this support was punctured today is a negative. If the 200dMA at 50.5c is tested, it has to hold.  If it does not, the uptrend is compromised. No prize for guessing where I am putting my buy queues.


Healthway Medical: Nothing much has changed apart from the fact that price touched a low of 14.5c today. 14c next? Possibly but the picture of low volume pullback is intact. We do not want to see the rising 200dMA breached.  This is currently just below 14c.  I might join the buy queue at 14c as a hedge.


FSL Trust: Heavy reduction in volume as price moved lower today to close at 52c. MFI has moved deeper into oversold territory.  OBV declined further. Another probable morning star setup. In the event of a reversal, strong resistance could be found at 60c.


I still see support at 51c in the event of a continuing decline. I bought some units today at 52c with a view that most of the heavy selling is done and over with.  Of course, I cannot say that the selling is over but any selling would probably be less vigorous from now on. The panic we see here approximate that of what was seen during the onset of the financial crisis in late 2008 and such panic, I believe, has to be overdone.

Courage Marine: Got my shares today at 20.5c and 20c.  MFI declining towards 50%. OBV declining. MACD moving towards zero and would probably go under. The best case scenario, technically, for this counter now is some sideway movement for some time to come, it would seem. What is left for me to do now is the easy part: hold.  Of course, I might buy more on any further weakness.


Related posts:
Charts in brief: 4 May 10.


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