Called on 26 Mar when it brokeout the 200 Day MA at $0.475. The price then was already $0.50. 1st target reached at $0.56.... may want to take profit wait for pullback.
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Thursday, April 2, 2009
Genting Int - first target 0.56 reached
Called on 26 Mar when it brokeout the 200 Day MA at $0.475. The price then was already $0.50. 1st target reached at $0.56.... may want to take profit wait for pullback.
Wednesday, April 1, 2009
Wilmar - More near-term downside expected
Wilmar set a recent high of S$3.46 but the price action on that day also resulted in the formation of a bearish doji star ? a potential trend reversal signal, which was confirmed by the subsequent formation of two bearish candlesticks.
More importantly, the formation of the doji star came when the stock just managed to clear the important S$3.27 resistance (provided by the 38.2% Fibonacci retracement of the fall from S$5.71 to S$1.76).
The subsequent breach and failure to regain the S$3.27 level has bearish implications, which could see the stock heading back lower towards S$3.11 (centre line of the Bollinger Band).
Daily technical indicators have also turned negative ? the most obvious coming from the bearish divergence seen in the RSI indicator.
However, we think that the stronger support will probably be around S$3.00 (near 50-day moving average and the 5-month uptrend line).
But if that fails, then there is a good chance of it pulling back to S$2.60, which was the previous low made during the pullback in Jan (the other instance when Wilmar failed to stay above the 38.2% Fibonacci retracement level).
Near-term resistance remains at S$3.27 ahead of S$3.46. Key resistance is at S$3.74 (50% Fibonacci retracement level).
Technically sell UOB, SGX, CityDev
United Overseas Bank (UOB SP; S$9.60) – SELL
• Yesterday’s steep pullback was close to testing its 23.6% FR at S$9.47. Watch out for this level, as a break down would have a catastrophic effect on the stock. If it fails to hold, the next downside target is weak at S$8.80 and S$8.07 (Mar lows).
• Only a claw back above yesterday’s high of S$10.12 would put a stop to this bloodbath. Judging from the chart, we still favour a sell into strength strategy. Next resistance is at S$10.34 and S$11.04.
• MACD is losing momentum while RSI has turned south again. The deteriorating technical landscape has also spilled over to the weekly chart, suggesting more room to the downside. Next support is S$8.82 and S$8.40.
United Overseas Bank Limited offers a full range of commercial banking and financial services. The Company offers private banking, trust services, venture capital investment, merchant banking, brokerage services, insurance, fund management, derivatives trading, precious metal trading, factoring, hire purchase, and life insurance.
Singapore Exchange (SGX SP; S$5.10) – SELL
• Although the stock has broken out of its medium term downtrend channel lately, we are not convinced with the breakout. If the candlesticks fail to hold above the support trend line at S$4.96, expect further selldown towards the next support at S$4.75 and S$4.64.
• Indicators are showing signs of bearishness. MACD is losing momentum while RSI has also hooked down.
• Investors should do well selling into strength for now, possibly near its resistances at S$5.35-S$5.47.
Singapore Exchange Limited owns and operates Singapore's Securities and derivatives exchange and their related clearing houses. The Company also provides ancillary securities processing and information technology services to participants in the financial sector.
City Developments (CIT SP; S$4.98) – SELL
• The stock is still languished in its medium term downtrend channel despite having bounced off its Mar lows of S$4.05. If it fails to penetrate above S$5.46 resistance over the next two days, chances are it will crack below the 30-day SMA at S$4.85.
• MACD is losing momentum. Meanwhile, the easing RSI indicator is also a reflection that buyers are losing steam.
• If the 30-day SMA fails to hold, we expect the stock to test the next support at S$4.61 and S$4.27. Sell into strength for now. However, any significant pullback towards the support zone may be an opportunity to accumulate.
City Developments Limited develops and owns properties. Through its subsidiaries, the Company owns and operates hotels, operates clubs, invests in properties and shares, manages properties and projects, as well as provides information technology and procurement services.
• Yesterday’s steep pullback was close to testing its 23.6% FR at S$9.47. Watch out for this level, as a break down would have a catastrophic effect on the stock. If it fails to hold, the next downside target is weak at S$8.80 and S$8.07 (Mar lows).
• Only a claw back above yesterday’s high of S$10.12 would put a stop to this bloodbath. Judging from the chart, we still favour a sell into strength strategy. Next resistance is at S$10.34 and S$11.04.
• MACD is losing momentum while RSI has turned south again. The deteriorating technical landscape has also spilled over to the weekly chart, suggesting more room to the downside. Next support is S$8.82 and S$8.40.
United Overseas Bank Limited offers a full range of commercial banking and financial services. The Company offers private banking, trust services, venture capital investment, merchant banking, brokerage services, insurance, fund management, derivatives trading, precious metal trading, factoring, hire purchase, and life insurance.
Singapore Exchange (SGX SP; S$5.10) – SELL
• Although the stock has broken out of its medium term downtrend channel lately, we are not convinced with the breakout. If the candlesticks fail to hold above the support trend line at S$4.96, expect further selldown towards the next support at S$4.75 and S$4.64.
• Indicators are showing signs of bearishness. MACD is losing momentum while RSI has also hooked down.
• Investors should do well selling into strength for now, possibly near its resistances at S$5.35-S$5.47.
Singapore Exchange Limited owns and operates Singapore's Securities and derivatives exchange and their related clearing houses. The Company also provides ancillary securities processing and information technology services to participants in the financial sector.
City Developments (CIT SP; S$4.98) – SELL
• The stock is still languished in its medium term downtrend channel despite having bounced off its Mar lows of S$4.05. If it fails to penetrate above S$5.46 resistance over the next two days, chances are it will crack below the 30-day SMA at S$4.85.
• MACD is losing momentum. Meanwhile, the easing RSI indicator is also a reflection that buyers are losing steam.
• If the 30-day SMA fails to hold, we expect the stock to test the next support at S$4.61 and S$4.27. Sell into strength for now. However, any significant pullback towards the support zone may be an opportunity to accumulate.
City Developments Limited develops and owns properties. Through its subsidiaries, the Company owns and operates hotels, operates clubs, invests in properties and shares, manages properties and projects, as well as provides information technology and procurement services.
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