Genting SP
Genting SP is a good example where a text book perfect setup is not infallible !
On Feb 19, Genting closed with a bullish star. The next day, the bullish star turned into morning star ( circled ) - a pretty strong bullish reversal candlestick pattern. Unfortunately, the next four days' move has proven the technical signal wrong. On Friday, my stop loss at $0.88 was triggered. When I relook at the chart today, I think my stop loss should have been placed at $0.87 instead (see the thick blue line). 1 cent diff has caused all my profit gained from SembMar to have wiped by Genting !
Despite the losses ( which was offset by the gain from SembMar ), I have no regret given this counter a try. The technical signal was so compelling and that it was text book perfect.
Anyway, if $0 .87 is taken, the next support is $0.78.The Market:
STI has been a clear laggard since Feb 8 as compared to Dow, Nasdaq, S&P500, Nikkei, Hang Seng...etc. The current market has no doubt frustrate many traders ! The levels to watch remained a break above of 2,800 ( bullish ) or a break below of 2,727 ( bearish ).
Labels: Stock Pick
Stock To Watch
IndoAgri Update:
IndoAgri breakout from last significant high. Next resistance $2.25 & $2.40. Vested.
CWT:Breakout as shown below:
SembMar Update:The buy call on my Feb 4 post has proven to be profitable. Unfortunately, I took profit way too early and left too much at the table!Genting Update:
View maintained unless it $0.90 fail to hold.
UOL:
For longer term investment. Once $4 is cleared, next resistance will be $4.2 and $4.7.
Labels: Stock Pick
Market Commentary / Genting SP
The Market
STI rose strongly on the 1st trading day of Tiger Year (Feb 17). However, the candlestick for that day was a Hanging Man in bearish star position which has a bearish implication. The index tumbled sharply the next two days (Feb 18 & 19). The candlestick for Friday Feb 19 was a Hammer in star position suggesting a possible reversal subject to confirmation on Feb 22 Monday. If the index is able to close above Friday's high ( 2,772 ) and subsequently ( the next few days ) break above 2,797, the correction is considered over and the uptrend will resume.For Dow, it has risen more than 300 points since our last post dated Feb 7 suggested for a possible reversal. The closing on Friday was a spinning top at bearish star position. The upward move since Feb 7 may be running out of steam. Since STI cannot decouple from Dow, this may has a impact on us.
Genting SP
The intra-day low at $0.90 was supported by an uptrend line, a resistance turned support line, and the 250 days Moving Average. The candlestick on Feb 19 Friday was a long legged doji in star position. There is a high probability where prices will bounce back from here. Technically, buy trigger at $0.96. Short term target $1.15, mid term target $1.25. Stop loss at $0.88.
Capitaland
Friday closing was a long legged doji at bullish star position. After market closed, government announced market cooling policy. The impact on property counters on Monday is not clear. If it tumbled below $3.8, the bullish star will probably invalidated. On the other hand, if it survives this news and edge up above $3.93, it will be a buy.
Labels: Market Direction, Stock Pick
Dow Jones - Possible Reversal !
Time and again, the market has proven it is not possible to decouple from Wall Street. Despite that the STI chart has shown signs of regaining strength if we look at it in isolation ( from other markets ). The sharp plunge of Dow by 268 points on Thursday has caused a tailspin of Asian bourses including STI, which has lost 61 points.
My worst case scenario for Dow is 9,650 and for STI is 2,600~2,650.
That said, it DOES NOT mean Dow & STI MUST reach those levels. The fact that Dow touches 9,835 on Friday before closing above 10,000 again & STI touches 2,680 MAY be good enough.
On the chart, the closing candle of Dow on Friday was a typical reversal long legged doji at star position. This has been true for several past corrections highlight in yellow. But if this assumption is wrong, we will eventually see Dow to touch 9,650.
I have begun to accumulate some bluechip like Capitaland & SembMar. Labels: Market Direction
Are We Out Of The Wood ?
The Market:STI has corrected for almost 4 weeks now. Are we out of the wood yet? Well, we need to observe two key levels in order to answer this question:
1. If the index is able to break above 2,785, chances is we are done and will head for a mini CNY rally.
2. If, however, the index breaks below 2,706, more downside can be expected ( support are 2,600~2,650 ).
The direction of STI is largely affected by Dow. But if we put aside the external factor and just look at the STI chart by itself, there is sign where the index is beginning to gain back some momentum ( evident by ROC & MACD histrogram turning positive ).
The chart is looking compelling. If the market ( STI ) turns bullish, this could be a counter to consider!
Labels: Market Direction, Stock Pick
