This rebound is shorter-lived than I think. Already, bearish formations are forming everywhere.
Yanlord: Bearish engulfing, confirmed downtrend
Capitaland: Double top, Evening star
Genting: Head and Shoulders
Indoagri: Head and Shoulders
Noble: Head and Shoulders, Evening star
NOL: Double top, Evening star
OCBC: Head and Sholders, Hanging Man
Olam: Triple top, Evening star
Pan Hong: Double top
Wilmar: Head and Shoulders, Bearish Engulfing
Straits Asia: Head and Shoulders, Bearish Engulfing
Swiber: Bearish Engulfing
UOB: Hanging Man
SATS: Bearish Engulfing
It is obvious that the downtrend is encroaching, and I MUST get out of all my long positions.
I'm already out of SATS. Let's hope the maket gives me time to get out of my remaining positions over the next few days.
Shorting Targets:
Capitaland:
Trend: Breaking downwards
Stochastics: Coming down from overbought
Supports: 3.80, 3.60, 3.30
Noble:
Trend: Breaking down, but stronger than Capitaland
Stochastics: Coming down
Supports: 2.60, 2.40
Wilmar:
Trend: Breaking down, stronger than Capitaland but weaker than Noble
Stochsatics: Coming down
Supports: 6.00
Olam:
Trend: Breaking down, strongest among commodity players
Stochastics: Coming down
Supports: 2.20, 2.40
Straits Asia:
Trend: Breaking down, weakest among commodity
Stochastics: Coming down
Supports: 1.90, 1.80, 1.60
Yanlord:
Trend: Down, weakest stock here
Stochastics: Coming down from overbought
Supports: 1.55, 1.21
Plan:
Short Yanlord
EP: 1.75
SL: 2.15
TP1: 1.35
TP2: 0.55
Thursday, February 18, 2010
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