After quite a break, I'm back to trading. I will be doing a quick analysis on the charting of STI and a few blue chip stocks. Currently my only opening position is Noble at average price of S$1.12.
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Seems like STI may be in for a inverse head and shoulder if they are able to hold above 2600. Chances to rebound seems quite possible but may just be short-live. Much depends on the macro level of other market. Risk taker may position in your trade in phases to catch sudden rebound (May not happen too).
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We knew that they suffered their 1st loss in 14 years and CEO had also quit on the same day of earning report. There were some share-buy back around $1.175-$1.21 range, however it was not able to stop Noble from falling further. From the chart analysis, noble is currently a downtrending stock trading within the given channel. Current price coincide with the lower band of the trading channel. Based on the MACD, before any cross over, is usually the point to start accumulating. MACD turning green with RSI near 30%. I am quite confident that Noble will rebound in 1-2 weeks time. 1st resistance will be $1.20, follow by $1.30. I am not looking for large profit due to the weak economic outlook. Therefore, if there is nice rebound of about 10-20 cents, I am happy to offload it unless more positive news are out.
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Some sign of reverse head and shoulder in sight, however, other indicator does not show strong support yet. Will avoid trading Genting until stronger indication of rebound in sight.
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Actually, I quite like this counter due to the fact that they diversified into non core business (loan). But investors do not seems to like it and their share price was very depressed even they were able to make decent profits. One likely reason was ship builder likely to going into tough situation if Europe continue to give problems. The chart does not look nice at all. Avoid trading YZJ too given marco outlook and chart signal downwards.
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