DJIA Divergence
Dow Jones Industrial Average ( DJIA ) is currently at resistance. RSI shows clear sign of bearish divergence ( the two black lines ).
Counters Update:
Mapletree logistic - breakout from the flag today but the breakout was not strong and volume was low.
The charts below were done for a friend Sandra on her request. I thought since I have them, I might as well post them here along with my commentary by verbatim:
CDL Trust:
The trend is still strong but there is some warning signs for the near term move. RSI shows clear sign of bearish divergence, Parabolic SAR is accelerating and will catch up with prices soon. Near term upside is limited, cap at $1.6. Then there should be some pull back … and after that should retest $1.6 and $1.78.
Mapletree logistic - breakout from the flag today but the breakout was not strong and volume was low.
The charts below were done for a friend Sandra on her request. I thought since I have them, I might as well post them here along with my commentary by verbatim:
Ezion:
Completed the consolidation phase and breakout today with high volume. More upside can be expected…..This is the most bullish of the three counters with strong trend.
I took a glance at the chart after reading your e-mail this morning. I thought it is going to move today and queued for 20 lots at 0.80. But I was very stubborn and refused to give in to half a cent more and didn't get it ! For half a cent, I missed the big move to .86.
Completed the consolidation phase and breakout today with high volume. More upside can be expected…..This is the most bullish of the three counters with strong trend.
I took a glance at the chart after reading your e-mail this morning. I thought it is going to move today and queued for 20 lots at 0.80. But I was very stubborn and refused to give in to half a cent more and didn't get it ! For half a cent, I missed the big move to .86.
HongKong Land:
Some warning signs spotted. RSI bearish divergence and there seem to be a rising wedge chart pattern. Rising wedge in an uptrend has bearish implication.
Some warning signs spotted. RSI bearish divergence and there seem to be a rising wedge chart pattern. Rising wedge in an uptrend has bearish implication.
CDL Trust:
The trend is still strong but there is some warning signs for the near term move. RSI shows clear sign of bearish divergence, Parabolic SAR is accelerating and will catch up with prices soon. Near term upside is limited, cap at $1.6. Then there should be some pull back … and after that should retest $1.6 and $1.78.
Labels: Market Direction
posted by Market Wizards @ September 23, 2009
Comments: 0
