Yo Yo Yo! I am back! After my last class for September, i simply threw aside my work and enjoyed my weekend. Feeling refreshed, I am back!!!! :D Huat arh!
Market is having mood swings and actions these days have been worrying. With stocks not going anywhere and caught in tight ranges, it can swing either up or down. Frankly speaking, downside seem to be more probable. STI has broke resistance 2534 on Monday but came down and close at 2520 on Friday. This pull back could be a close of the gap up on Monday and it's resting slightly above it's old rsistance 2517. Also there is a formation call the rising wedge, a bearish signal to be confirmed if we breaksdown diarrhoea style. I wouldn't turn all bearish on the market as yet. This is just a lingering fear on my side but I shall trade base on what the market is showing instead.
Alot of people has warned of a possible corrections due to the fact that ulu stocks has been hogging the top volume for days. Yes I do agree that I have read from the books and they warned that such scenes precedes corrections. However, I must say there are still many people on the side lines after the May crash so we might not be heading for a steep corrections. Market condition at that time was a staggering 2 billion shares traded. We are just about 1.2 billion traded on Friday. Retracement maybe, tua lao? Let's see.
Cosco Corp: Breakout at 1.60. Currently pull back to 1.63 with very weak volume. However possible shooting star observed on the weekly chart. This week will be crucial that no bearish confirmation is formed. Resistance at 1.67.
MediaRing: KBH has got a seat on PacNet's board. This should position Mediaring in a strong position for the requisition it proposed. Chart wise, support is at 0.340 for now and we are trading in a very tight range. Using Bollinger, I will see which side it breaksout.
DMX: Fundamentals of company remain competent, chart wise, support should hold and if it breaks 0.640, I will cut first and re-look at another entry.
UTAC: Breakout of 0.670 and retraced back to the breakout point. Volume however was not low and hence I will be paying attention to this. If resistance doesn't turn support here, I will take my profit first.
Nikkei CW: After a steep drop, I will be looking forward to a rebound to get out of my Call Warrants. If it does not happen on Monday, I will look to cut loss first.
As for my watchlist, I am watching Hi-P, Midas, MMI very closely. Especially Midas because it was captured in my oversold rule in XpertTrader.
DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings. Copyright © 2006 GrowMoney Blog. All rights reserved.
