2/3/12

Watch STX OSV

STX OSV has been consolidating within the Monday's long black engulfing candle.
This is the same pattern spotted in DBS 2-3 weeks ago which DBS broke up and went higher.
If STX OSV were to break up, it will go into the 1.8 region.

For now, it still looks bullish as mentioned on last weekend that a bullish pennant could be forming but it is really taking some time to break higher.

Level of 1.625 is a level that cannot be broken else major profit taking might kick in.
Because it will break down the 20MA as well.
If it were to break down, STX OSV might find support at around 1.5 region.


NOL

NOL previously gapped down and consolidated and spike up today with slightly higher vol.
Those vested watch for resistance levels between 1.4 to 1.425 which coincides with the 20MA.
If NOL is able to break this resistance region, chances it will go and test the recent high of 1.515 again.

Careful of OLAM

Those vested in Olam please be careful.
Knowing that it has been beaten quite badly for the past 2 weeks and retailers are buying for a rebound.
In the psychological point of view, its not wise to play for rebound as BBs may whack it harder to make weaker holders cut losses.

An evening star pattern is formed - highlighted by the yellow circle.
Symmetrical triangle is forming. Breaking up or down from this triangle show its true direction.