Hock Lian Seng: Resistance broken.

On 9 Sep, I wondered if the 30c resistance level could be taken out soon and went on to say that "I believe so as the massive 30c sell queue was wiped out today."  Today, Hock Lian Seng touched a high of 31c before closing at 30.5c.

Although volume is lower than the previous session which saw the shares trading at only one price, 30c, we could have seen the effective weeding out of weaker holders.  30c could be resistance turned support.

OBV has continued its upward trajectory suggesting continual accumulation.  MFI shows formation of higher lows which suggests sustained demand.  RSI has lower highs which suggest that buying momentum is weak.  So, this counter has support but its share price is not going up in a hurry, it seems.  Another counter that requires more patience, perhaps?

Related post:
Hock Lian Seng: Ready to break resistance?

AIMS AMP Capital Industrial REIT: 23c support?

This REIT is attracting more interest as volume expanded again today as price rose to close the day at 23.5c.  23c resistance has been taken down.  Could we see 23c turn support this time round after it failed to do so in early August?

Taking a look at the momentum oscillators, the MFI has formed a higher low which signifies strengthening demand while the RSI has risen sharply into the overbought region which suggests strong buying momentum and that buying in now could bring with it higher risk. OBV has turned up sharply, suggesting accumulation.  All the technicals are promising and whether 23c could be the new support needs confirmation.

This REIT would go XR on 15 Sep, 2 days from now.  Expectations are for the price to weaken to around 21c (TERP) then.  It would be interesting to see if it pans out.

Related post:
AIMS AMP Capital Industrial REIT: Rights issue.