Next turning point might be at 2-3 Aug. Will it be really this zhun? It’d be 2 weeks from now. And I will be following closely on this experiment of using date together with price to time my entry.
A reminder just in case. Will it will it not?
Downtrend forming a horizontal base but still within the down channel. Now trading in a tight range of 20 cents. Volume is expanding and hence there might be a good chance that it will break upwards of the horizontal range as well as the downtrending line.
RSI is is moving out of the oversold region. Other indicators like MACD and Stochastic is having a bullish divergence. ADX- is losing momentum but a break below 3 might signal the trend will continue.
Hourly chart trend reversal with exit from downward trendline.
Strategies to use: Wait for another low to form and bounce off from there to establish a hourly trend line preferably with stochastic crossover from oversold region.
Disclaimer applies
uol hourly chart trend reversal
Can trade using trend line with tight stop loss or wait for rebound at lower high to ambush. With many indicators at oversold area, do take note a rebound might come very soon.
Disclaimer applies: This is only to my personal opinion using TA and automated rules to scan out the list.
Today STI seems to be moving further down and STI 3000 mark will be a hard resistance to break. Looking at 2930 for minor support. The overall market looks weak. Will be looking into a correction before entering into market. Hopefully it will rest at major support again.
Property market is one of the weakest sector ever since China is hell bent on curbing speculation. But the developers ain’t heeding the advice. Will it be another Obama-Bank situation?
One real surprise is that Noble did not break the $3 mark, which if it happen will face a deep correction. $3 is also the price which the outgoing CEO is being paid for all his stock and options.
Will be looking at the performance of Dow tonight. If it continue to a landslide, the US market will be a very ugly scene to be in since it has been too far away from HOME (20d MA).
Will be looking into down trending counter to short to hedge against the downward movement.
Anyway with this article, seems like things doesn’t look good
May 3 (Bloomberg) — Investor Marc Faber said China’s economy will slow and possibly “crash” within a year as declines in stock and commodity prices signal the nation’s property bubble is set to burst.
The Shanghai Composite Index has failed to regain its 2009 high while industrial commodities and shares of Australian resource exporters are acting “heavy,” Faber said. The opening of the World Expo in Shanghai last week is “not a particularly good omen,” he said, citing a property bust and depression that followed the 1873 World Exhibition in Vienna.
“The market is telling you that something is not quite right,” Faber, the publisher of the Gloom, Boom & Doom report, said in a Bloomberg Television interview in Hong Kong today. “The Chinese economy is going to slow down regardless. It is more likely that we will even have a crash sometime in the next nine to 12 months.”
An index tracking Chinese stocks traded in Hong Kong dropped 1.8 percent today, the most in two weeks, after the central bank raised reserve requirements for the third time this year. The Shanghai Composite has slumped 12 percent this year, Asia’s worst performer, as policy makers seek to rein in a lending boom that’s spurred record gains in property prices. China’s markets are shut for a holiday today.
more…
Looking at UNG daily candlestick, it look really bearish. If it break, downtrend will resume.
8% lost in a single day accompanied by high volume in 30 min chart. It doesn’t really look good.
STI halftime:
Ho Bee , Yanlord, Genting rebounding.
Analysis on Ho Bee
PE 3.6 EPS 0.457 NAV 1.63
Fundamentally, this stock is very delicious indeed.
Today has made a pivot point accompanied by good volume these 2 days. The downward pointing trendline might be broken soon. Macd Histogram turning up with Stochastic and RSI all pointing up. Put your cutloss point 4% below 1.63
Analysis on Genting SP
NAV 0.354
High volume breakout. Double bottom established. Volatility is coming back. This is a high risk play. Better to wait for 0.91 for resistance turn support.
Analysis on Yanlord
PE 10 EPS 0.167 NAV 1.22
Pivot point with trendline broken. However volume doesn’t look very convincing. RSI, MACD histogram, CCI and Stochastic all turning up. This looks to be a perfect setup though.
My take:
Property sector seems to be supported. Yanlord, Ho Bee, CityDev and Capitaland downward movement seems to be slowing and turning soon. I’m more interested in UOL since this one fundamentally will be one targeted by value investor. This helps to lower my downside risk!
May is coming. After that is world cup. And then government is pressing the property pricing down. It its a tough call whether to continue to stay in this sector.
AsiaTravel breakout from 60.5 cents to 63 cents and it means a trend reversal from down to possibly uptrend.
Halftime: 63 cents holding. Just regretted not willing to buy direct at 60.5 cents. Will it close above this 63 cents.
Full time: regrettably it formed a doji, meaning the next few days might be going to cover the 1.5 cents gap. All other indicators were showing strength. It would mean a better time to enter would be in a few days time subjected to market sentiment
I’ve mentioned that the divergence was seen on STI since last week and on friday it has followed Hang Seng (breaking out of a symmetrical triangle) to move higher.
During this period, watch out for profit taking session, or at least pocket some for those at resistance turning down and put some at counters at support. Like this, you will be cutting down your risk while still enjoying the potential upside.
Always remember the old maxim: let your profit run, cut your losses short.
Friday was a good run for many stock. Really did not expect the bullishness of the market on Friday. Friday is a very good indicator of what will happen on Monday due to the willingness of trader holding the stock over the weekends. Given my current holding as listed:
I will be looking at a few forgotten counters to enter at support while divest some while on the up move. Cashout on GoldenAgri on Wednesday due to small holding only.
My friend recommended me to put up a weekly post on “My Mom recommendation” since she’s somehow always able to spot counters poise for big move example GMG (heartache) and Seroja but I was always not willing to enter due to lack of good entry.
I will be looking into the trading framework to reduce portfolio risk. I will take quite some time so keep a lookout for this column.
ANNANDALE, Va. (MarketWatch) — Is it too quiet out there?
After a couple of years of extraordinary volatility on Wall Street, the relative calm of recent weeks might be considered a very welcome development.
But some advisers nevertheless worry that it means the market is overdue for a correction.
The last time the S&P 500 /quotes/comstock/21z!i1:in\x (SPX 1,194, +7.94, +0.67%) dropped by at least 1% in a single trading session was Feb. 23. If today proves to be yet another day without a 1% decline, as indeed looks likely mid-day, it would mean that today is 32nd straight session without this big a drop.
You have to go back to May 2007 to find another occasion in which the S&P 500 index went this many sessions in a row without dropping at least 1% in any given session.
As we know now, of course, May 2007 came just a couple of months prior to the eruption of the sub-prime mortgage mess and the end of the 2002-2007 bull market.
more…
Tat Hong breakout to 90.5 cents at noon. If it closes above 90 cents by today, it will be a good confirmation that resistance is broken. Recently newspaper stated that the target price is $1.06. Hope it’s true.
Vested.
- The Trader -
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