Market Commentary / Genting SP
The MarketSTI 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.
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.
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
posted by Market Wizards @ February 20, 2010
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