Chart request

Olam

Olam bounced off strongly from the 1.40 round psychological level during last year mid-December period.

Today, Olam managed to close above its 50MA and 38.2% Fibonacci retracement level.

The 20MA seems to forming a rounding bottom indicating short-term wise it is remain bullish.

However, I do not advise buying it now in overbought market especially when the price is far away from the 20MA and the STI is at strong resistance area.

The support level to watch out for will be 1.575, which was the previous breakout level and it is also likely that the 20MA will be rising up to reach this level as well.

Nam Cheong

Nam Cheong has been rising since 2nd half of 2011 from 0.11 till 0.265 as of last closing price.

From the charts, we can see that Nam Cheong is near its all time high of 0.275 with a resistance turned support of 0.23.
It has also a rising support trend line which potential can be forming an ascending triangle.
The 20, 50, 100, 200 MA are all pointing up, indicating mid-term to long-term bullishness.
However, I do not advise buying it now as it is near a strong resistance area. This counter does not really track the movements in the STI and is highly subjected to speculation due to its cheap pricing. Therefore, a breakout of 0.275 strategy can be used here. Do note that if 0.23 support fails, it is likely to retrace further.

Charts for Week 28/05 - 01/06

Straits Times

STI had a small rebound on Mon-Tues because it hit a strong support region - the upward channel support as well as the Fibo 61.8% support.
However, all gains were returned on Wednesday, after a late sell-off in US markets on Tues night.
The rebound wasn't strong enough to kick the bears away from attacking & it came back hunting.

With fears about Greece leaving the European countries, investors are choosing to lock in their positions and prefer to stay sideline until markets stabilize.

The support at 2760 is expected to be a critical support and must not break, else another wave of massive selling might be kicked in.
Breaking this support will send STI to new lows for year 2012 and will test its previous low of 2600 region.


GLP

GLP closed on Friday with a shooting star look alike candlestick after touching the upper band of the downward channel.
Also, GLP seems to have a Head & Shoulders pattern forming with the neckline at around 1.92 (purple horizontal line).
If GLP were to fall from here and break the neckline, there's a potential of it falling towards 1.755 level.
However, there is a support at around 1.86 as there will be the 200ma and the 50% fibo level to support it.

The light blue horizontal line is the price that I will look to short already - using my method which is still under testing.


Cosco Corp

For Cosco Corp, there's nothing much to show except highlighting past historical supports.
Several levels to take note are drawn in the chart above.

Olam

Olam looks very bearish.
I went into the past 10 years data for Olam and I saw a support in March 2008 which it managed to bounce off and went higher.
The level where it bounced off was at 1.62 which is very near to the closing of Olam on Friday (1.655).
If this doesnt hold, then it will be the fibo support at 1.53 level.

Capitaland

Capitaland managed to hold above the round number of 2.4 for the past few trading sessions.
2.4 is also the fibo 78.6% support for Capitaland.
Best action for this counter is to wait for break up/break down.
Breaking of 2.4 will send Capitaland to test its previous support of 2.28.

Osim

Osim broke down of its upward sloping trend line support but it seems be well support around that region.
If Osim is able fight its way back to above the trend line, it might still be bullish for Osim.
Breaking down of 1.63 will most likely change the trend of Osim - most likely if STI breaks down.

SembMar

SembMar seems to be supported by the 200ma and the Fibonacci 38.2% level.
In addition, the Oct 2011 highs also act as a support - possible resistance turn support?
SembMar will continue its fall if 4.39 fails to support.

Amazon

Amazon had a super big gap up around 1 month ago due to its Q1 earnings beating estimates.
However, the effect followed for a day and died off.
Currently, it looks bearish and is within the rising window support (a very big support region).
I can't say for sure whether it will move down to cover its rising window support.
There's a good support at 208 levels - few fibo supports & March 2012 peak.
However, if overall markets' sentiments remain bearish, then I believe the support won't hold and we will only see a small rebound around that region.

Counters that ALOT of people will be interested to buy & their support levels.
1) Wilmar - 3.65 next support; 3.4 strongest support
2) Sakari - Fibo support of 1.355
DISCLAIMER APPLIES~~~
I never say buy ar!! Just let you all know the levels.


Have a great weekend ahead.

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.