Someone asked me if it is time to buy shares of British Petroleum (BP) since it has declined so much and looks cheap. I said honestly that I don't know as I only buy Singapore stocks. I saw this on TechTicker and would like to share with anyone who is thinking of buying BP shares:
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British Petroleum: Time to buy?
Thursday, June 24, 2010Posted by AK71 at 8:56 AM 0 comments
Charts in brief: 23 Jun 10.
Wednesday, June 23, 2010
AIMS AMP Capital Industrial REIT: It is hugging the support at 21.5c. MFI continues to descend and has gone below 50%. I said earlier that if the price stays at or above 21.5c while MFI descends, it is good news for the bulls. This analysis is still valid. The Bollinger bands look like they are in the early stages of tightening. A narrowing of the bands signify reduced volatility before a possible sharp movement either way. With the increased accumulation activity as suggested by the rising OBV, it is likely that this eventual movement is going to be up.
CapitaMalls Asia: I would be very cautious and not go long here. If we look at the daily chart, the price action has closed above the 100dMA. Even though it has done so on lower volume, bulls may cheer. However, if we look at the 100dEMA instead which gives greater weightage to recent price activity, we see a different picture and realise that resistance really has not been taken out yet and that is at $2.22.
Golden Agriculture: MFI seems to be in the early stages of forming lower highs and lower lows. Positive buying momentum is failing. The declining 50dMA is providing resistance at 54.5c now which is where the price closed today. Immediate support at 53.5c but a stronger support is at 51.5c where the 20dMA has just made a golden cross with the 200dMA.
Healthway Medical: Price has very clearly detached from the upper Bollinger band. Forming another doji at this stage suggests that it is most likely that a reversal is on the cards. MFI is falling from overbought territory and the MACD is turning down towards the signal line. All signs of technical weakness. Initial support is at 18.5c, a resistance level which failed to be taken out earlier this year in March.
Wednesday, 23 June 2010
Related post:
Charts in brief: 22 Jun 10.
Posted by AK71 at 11:40 PM 0 comments
Labels:
AIMS-AMP Capital Industrial REIT,
capitamalls asia,
Golden Agriculture,
Healthway Medical,
TA
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