Wednesday, August 17, 2005

Market trading sideways

I had the luxury to withness intra day actions today. It goes like this, morning selling...I thought it was well absorbed, after lunch, Singapore's non oil export beats analyst's estimation and send the market soaring.....late afternoon, market begin to show weakness and retraced. But only 2 counters stood out. Bio Treat and Keppel Land. I don't know why the super volume and the price breakout, but 1 thing is for sure, by the time you know why, the upmove will be nearing it's end. Technical Analysis helps us detect such movement before the break of a news.

General market still weak...I still don't see leading stocks coming back strong. Marine sector has not recovered from it's retracement though i saw bottoming. Property sector wise, only Keppel Land is pushing hard. Banking sector which helped supported the index yesterday was missing in actions today.

BioTreat: The arrows depicted how on each super volume day the share price will climb higher. The volume today comes with a great breakout of the resistance now turn support at 0.840. Morning star formation was formed yesterday. Near term target 0.895, the last height achieved on 29th Sept 2004.

Starhub: Dividend coming up on the 24th Aug. EMA trendline is sloping up. After the morning star formation, it closed todaywith a white candle on a heavier volume.Resistance stands at 2.03, breaking it will create new high.

Keppel Land: Breakout spotted. This coming after a hammer with white candle confirmation. The volume is at least 30% greater thanthe previous trading session. This should be a valid breakout.Resistance at 3.42 turns support.

Cosco Corp: After the spectacular run up from the consolidation period,cosco could be taking a break. The recent pull back looksidentical to the consolidation period. Support should be2.31 and resistance at 2.60. Breaking the resistance will be key to it's next march up.