• Still stuck in a sideways trend. When it broke below its 30-day SMA, it was already showing signs of weakness. The long black candle is bearish as well.
• The support at S$0.175-0.18 is likely to be tested soon. Breaking below could send the bulls into hiding.
• Daily MACD is negative and so is its RSI.
• Changing to a sell call with a downside target of S$0.175-0.18 for now. Upside is likely capped by its S$0.255 and S$0.30 resistances.
Chartered Semiconductor Manufacturing Limited provides comprehensive wafer fabrication services and technologies to semiconductor suppliers and manufacturers of electronic systems. The Company also produces digital logic, analog, and memory chips for applications as multimedia, communications, computing, and networking.
Yanlord Land (YLLG SP; S$0.74) – SELL
• In the short term, the stock is likely to trade within its downtrend channel. As it is also below its 30-day SMA, the stock could continue to ease to test support at S$0.67-0.685 next. The following support is at S$0.60-0.62.
• Technical indicators are showing mixed signs. MACD has confirmed its golden cross but its RSI stayed negative.
• Sell into strength for now with resistance seen at S$0.80-0.83. Only breaching these two resistances that the stock could turn bullish again. Buy only on breakout above the S$0.83 support. Otherwise, traders should sell and stay out for now.
Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.
Midas Holdings (MIDAS SP; S$0.395) – SELL
• It has fallen below its descending consolidation triangle. We continue to remain bearish on the stock despite the short bounce recently. It could retest the recent low of S$0.33 again soon. Breaking below could see the stock fall to S$0.28-0.29 levels next.
• Both indicators remained negative. The RSI has now turned neutral from its oversold position suggesting that there is room on the downside afteryesterday’s hook down.
• Any rebounds should be seen as opportunity to get out. Resistance is seen at S$0.41-0.435 and S$0.475.
Midas Holdings Limited designs, manufactures, and installs polyethylene (PE) pipes. The Company also designs and manufactures aluminum alloy extrusion products.
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