GoldenAgri.... to think I shorted at 79c (posted earlier in Apr) and went to cover at a loss of 79.5c (for fear of bumi agri's ipo pushing this above the upper channel). It has subsequently hit my target of the lower trendline... what a miss
NOL: Rebound off 61.8% fibo. However, this weekly chart is about to show the cross over of the 13w and 26w EMA . There maybe further downside, I don't expect 1.195 to hold for long.
Note the bearish divergence of the force index earlier.
Noble: Resting on the 78.6% fibo... Close to the black support trendline (around 1.16).
Trade with care on both directions.
Ramba: Broke down the lower support line.. looks very bad... MACD opening up..
Yanlord: I got conned by break up earlier and bought at 1.255 and 1.26. Ended up I sold at 1.215 earlier and 1.155 (on Monday). Only after I sold, then I realised Aberdeen bought at 1.18.. Thus, it did rebound on Monday. However, it's still not looking that good since the trendlines look to be acting at resistance now.
A humble student of the STI market. Disclaimer: The postings on this blog are personal views and are in no way an inducement to buy or sell. Before acting on any information on this blog, you are advised to consult your professional advisors.
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Wednesday, 2 May 2012
Some updates on F&N and UOB
F&N, the stock that I bought at closing when it broke above $7. (bought at 7.06)
The next day, I didn't match out at open (which on hindsight could have resulted in a nice profit of 10c).
Still, it's not uncommon for ascending triangle breakouts to retest the former resistance turned support. In this case, it has managed to close above $7 on both days. $6.99 was touched but probably by those having a stop loss when $7 broke.
I'm still in this, and I'm still looking for a strong move up. MACD still looking positive. Theoretical target is $8 but in this economic day and age, one must be nimble when weakness is seen. I'm ignoring the over sold stocs and RSI as this is a trending stock...
UOB: I had suggested on the day I bought F&N that an ascending triangle looked like forming. And this really came through (crap... went for the wrong stock). End up, I missed buying at around opening time and it flew off. I didn't chase as I had F&N already and thus, opportunity was lost. It climbed a brilliant 60c from breakout point. However, XD is coming with 40c dividends on 7th May.
Theoretical target was 19.80.. which leaves only about 50-60c upside...
Trade at your own risk
The next day, I didn't match out at open (which on hindsight could have resulted in a nice profit of 10c).
Still, it's not uncommon for ascending triangle breakouts to retest the former resistance turned support. In this case, it has managed to close above $7 on both days. $6.99 was touched but probably by those having a stop loss when $7 broke.
I'm still in this, and I'm still looking for a strong move up. MACD still looking positive. Theoretical target is $8 but in this economic day and age, one must be nimble when weakness is seen. I'm ignoring the over sold stocs and RSI as this is a trending stock...
UOB: I had suggested on the day I bought F&N that an ascending triangle looked like forming. And this really came through (crap... went for the wrong stock). End up, I missed buying at around opening time and it flew off. I didn't chase as I had F&N already and thus, opportunity was lost. It climbed a brilliant 60c from breakout point. However, XD is coming with 40c dividends on 7th May.
Theoretical target was 19.80.. which leaves only about 50-60c upside...
Trade at your own risk
Friday, 27 April 2012
F&N Ascending triangle breakout?
It looks like a breakout to me... I bought some at closing. See if it comes true.
Potential target $8?
From Stockcharts.com:
"The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns. Regardless of where they form, ascending triangles are bullish patterns that indicate accumulation.
Because of its shape, the pattern can also be referred to as a right-angle triangle. Two or more equal highs form a horizontal line at the top. Two or more rising troughs form an ascending trend line that converges on the horizontal line as it rises. If both lines were extended right, the ascending trend line could act as the hypotenuse of a right triangle. If a perpendicular line were drawn extending down from the left end of the horizontal line, a right triangle would form. Let's examine each individual part of the pattern and then look at an example.
Trend: In order to qualify as a continuation pattern, an established trend should exist. However, because the ascending triangle is a bullish pattern, the length and duration of the current trend is not as important as the robustness of the formation, which is paramount.
Top Horizontal Line: At least 2 reaction highs are required to form the top horizontal line. The highs do not have to be exact, but they should be within reasonable proximity of each other. There should be some distance between the highs, and a reaction low between them.
Lower Ascending Trend Line: At least two reaction lows are required to form the lower ascending trend line. These reaction lows should be successively higher, and there should be some distance between the lows. If a more recent reaction low is equal to or less than the previous reaction low, then the ascending triangle is not valid.
Duration: The length of the pattern can range from a few weeks to many months with the average pattern lasting from 1-3 months.
Volume: As the pattern develops, volume usually contracts. When the upside breakout occurs, there should be an expansion of volume to confirm the breakout. While volume confirmation is preferred, it is not always necessary.
Return to Breakout: A basic tenet of technical analysis is that resistance turns into support and vice versa. When the horizontal resistance line of the ascending triangle is broken, it turns into support. Sometimes there will be a return to this support level before the move begins in earnest.
Target: Once the breakout has occurred, the price projection is found by measuring the widest distance of the pattern and applying it to the resistance breakout."
Wednesday, 25 April 2012
Update on yesterday's Dow and S&P
Above is the Dow chart... look at how it bounced nicely off the trendline again.... Shows the uptrend is strong but testing the same line too many times will cause it to fail eventually.. Dow needs to close above 13050 20ma tonight. Currently it is at about 13030 which isn't far off.
The S&P varies however, when I draw the trendline. It looks as if the line has broken and the support turns to resistance (about 1376 tonight).
Hence, it really is reliant on Apple's results later tonight, to determine the mood tomorrow..
Tuesday, 24 April 2012
STI sideways market still (my opinion)
Here we have the daily chart. The black trend line which I just drew, looks to be the support today as well. The fibo 61.8% support is there as well (based on the low at 2907).
There's quite a fair chance that we might see STI re-testing 2900 soon. That support must hold to have at least a sideways market with a bullish bias-ness.
This is the weekly chart with the blue fibo lines removed. Here we see the 13 and 26ema weekly still trending up. This show that it's still mid to long term bullish. The 13ema seems to coincide with the support given today. Critically, the 20ma is at 2900 (which I deem to be a key point at this moment).
Right now, every dip is a buy as long as STI remains above 2900. 38.2% fibo at 2872 will also prove to be a support if 2900 is broken. I will consider this key fibo support as the last support and if this is broken, it might be better to get out and sit on cash. (if you are brave, you can even short).
Sunday, 22 April 2012
Sakari
Some of my forum friends have asked my opinion on Sakari. Thus i'll repost what I told them
Sakari.. first support is 1.99... followed by 1.90-1.87.... then 1.80
My weekly chart shows more downside as the 13weekly just crossed the 26weekly EMA. This might suggest a long term downtrend might be forming.
On the daily, the MACD don't show any signs of turning. The histogram never turned up to positive. This suggest more downside.
Best is wait for it to turn positive (break the bear's back), then after that when it turns down and form a new low, a bullish divergence will form. Only then, when the rebound starts, it will be the time to long.
If not, even the daily chart shows those bigger black candle days, have larger volume then those small movement or up days....
I personally wouldn't touch unless u wanna play intraday for 1-2 bids kind
Sakari.. first support is 1.99... followed by 1.90-1.87.... then 1.80
My weekly chart shows more downside as the 13weekly just crossed the 26weekly EMA. This might suggest a long term downtrend might be forming.
On the daily, the MACD don't show any signs of turning. The histogram never turned up to positive. This suggest more downside.
Best is wait for it to turn positive (break the bear's back), then after that when it turns down and form a new low, a bullish divergence will form. Only then, when the rebound starts, it will be the time to long.
If not, even the daily chart shows those bigger black candle days, have larger volume then those small movement or up days....
I personally wouldn't touch unless u wanna play intraday for 1-2 bids kind
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