Today Genting fails to break the important resistance at $1.01 and close at $0.975 with 0.17 Billion shares traded (High vol).
Important Resistance of Genting: $1.01
Immediate Support of Genting: $0.845
The black candle with upper shadow suggests that investors are not confident with the earning reports and chose to take profit off the table instead of waiting. As we mentioned yesterday, further downside will be expected if the announcement does not satisfy the market.
After the announcement of Cascal N.V. (HOO) has withdrawn its "temporary restraining" order, Sembcrop seems to gain some momentum for further rally. However the “doji” candle indicates the “indecisiveness” of the investors upon reaching the important resistance of $4.42. Moreover there is a RSI divergence whereby the prices are going up but RSI (momentum) is heading down.
Currently Sembcrop is still holding at the technical support of $4.17 and 20 days moving average but we would suggest taking profit once these level breaks
Important Resistance of Sembcrop: $4.42
Immediate Support of Sembcrop: $4.17
Today Singtel got sell down by investors at high volume caused by the warning that operating income will only gains by a single percentage digit due to higher capital spending in this year.
However it is good to note that Singtel managed to close above its low at $2.97 due to bargain hunters coming in at the last minutes forming a black candle with both upper & lower shadows. This concluded that the selling pressure is not as bad though further selling pressure will be expected once the news got to the retail investors
Important Resistance of Singtel: $3.04
Immediate Support of Singtel: $2.89
7 comments:
Thanks for this blog. I read it but could not understand the black candle thing....:(
I'm new and am ready to invest in small sum. What would your advice be?
-anon
Hi
can I ask if u noes any techinical analysis? It good to start from there and paper trade before using real money
Hi Dou, errrm, I don't know any technical analysis. I'm really a newbie. Is there a website that i can try on this 'analysis'? Thanks!!!
Hi
Sorry, been busy trying to upgrade this website thus reply a bit slow.
I recommend this website for a start http://www.investopedia.com/?viewed=1
And go library to borrow " Trading for a living by Alexander Elder
http://books.google.com.sg/books?id=dHMU10tHN2cC&printsec=frontcover&dq=trading+for+living&source=bl&ots=ibBdciPxP7&sig=fvfuzGrnRufPVkYbNj3jmm_xekA&hl=en&ei=Ln_uS6DWN4m2rAfcqOSTBw&sa=X&oi=book_result&ct=result&resnum=1&ved=0CB0Q6AEwAA#v=onepage&q&f=false
hi again! your blog looks different and nicer! i will definitely the book u recommended. today I bought a magazine called fundsupermart. have u read one of those? it's sold at 7-11 fro $10.
btw, when u mentioned 'when this is broken..." what does it mean? also what is candlestick? ( i hope i don't sound too dump here among the pros, hahaha)
-anon
lol for newbies...i recommend some stable stocks such as SPH, SMRT, Singpost,
Realized that these company are unique and do not have any competitors so it is quite safe to invest in
Actually STI now doing a pullback, do monitors the stocks movement. Those that move fasts are volatile stocks and those that move slow are stable. High risk, high gain. Low risk, low gain
To anon
I kind of cheapo so i always get the news from market watch and cnbc.
For TA books, i just borrow from lib as those books are relatively exp at abt $100 each
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