Singtel Technical Analysis 15th June 2010

I have sold Singtel some days back at $2.97.

Singtel went down to $2.88, after which rebounded to $3. I'm still waiting for a lower price to buy in, hopefully before the dividends of 8c.

According to my chart, Singtel is in a rising wedge with declining volume. With resistances by the 200 sma, 200 ema and 100 sma looming up, with the pattern of the bearish rising wedge, it does not seem to bode well for Singtel's price actions. Moreover, the 50 sma is coming into play to resist the price while the $3 psychological barrier seems a little formidable at the moment.

I sold my remaining Singtel lots at $2.97

Admittedly, it's quite tough emotionally to sell when everyone is bullish; it's not easy to be contrarian.

I toyed with the idea of selling both Singtel and Capitaland, while using the profits from Capitaland to cut loss on China Sky today as I'm rather bearish. In the end, I only executed a sell order on Singtel.

My main reason for selling Singtel was simple.

1) I'm bearish about STI index, and Singtel is a major component of it.
2) Based on the Singtel chart I have below, Singtel was on the resistance line yesterday. I sold because of that.
3) From chart again, we see a lower high and lower low. Based on Dow's theory, this is bearish.
4) From chart again, Singtel was at the 38.2% retracement level. On hindsight, Singtel went on to touch the 50% retracement level, and come back down to close at the 38.2% retracement.

Noble Group Technical Analysis (31st Mar 2010)

This is just a follow up chart on Noble since my previous post...

The rising wedge has been broken with volume. And yesterday, Noble broke the 100 dma.

Noble Group Technical Analysis (12th March 2010)

Noble is looking more and more bearish to me even though it broke a new high.

To me, it appears that a potential double top formation could be formed. In addition, it also appears that a bearish rising wedge is in the works.



Below is my simple chart on Noble:

Noble Group Technical Analysis

As we can see, Noble broke the multi-month channel support, and is now supported by the 100 MA. If the 100 MA breaks.... next support would be at the 2.50 region, the previous low (not indicated in chart). By then, the 200 MA would probably be around the region as well...

Let's see how it goes on from here. Obama's speech is clearly bad for commodities and stocks related to it.

Any rebound will likely be capped by the support likely turned resistance channel.

Singtel Part 2

Looking at Singtel's chart, it looks like 200MA is a sufficiently good support. In addition, 50MA has joined the fun by going parallel to the 200MA, and functions as a 2nd MA support.

Fibonnacci wise, STI bounced off the 61.8% fibo line taken between $2.86 to $3.16, and is currently at the 50% fibo line. It is also at the 50% fibo line between $1.94 to $3.52... Good support?

NOL Chart

NOL seems ripe for a buy. ===> Edit: NAH!

Not shown on the chart as there wasn't space, NOL has covered the mini gap formed between $1.51 to $1.52 from 15th Jul 09 to 17th July 09.

Well supported at the moment.... Hope I can still get it on Monday.

Tgt entry: 1.52
Cut loss: 1.45
Tgt exit: at least 1.57 to 1.6... or more... will have a trailing stop....

Edited: A descending triangle formed sinced 4th Nov... It's valid as it was a downtrend before 4th Nov.

Bearish instead... of bullish.... Any possible rebound could just be technical...

Shall see...

Capitaland

The recent run up in Capitaland's price has boosted my portfolio greatly.

Capitaland closed exact at the middle of the Friday's white candlestick, which is $4.3... In my weak understanding of candlestick formations, one of the support would be the middle of a long white candlestick. With this understanding of candlestick supports, the next support would be around 4.12 ~ 4.13

UOB possible movements?

Just a hunch for possible price movements for UOB:





A possible symmetrical triangle? Might not happen, but it might.

What's still positive is that the 20 day moving average is supporting the price well. RSI has come down to 56% and stochastics are showing possible crossover.

Furthermore, the bollinger bands appear to be closing up, signifying a sudden price movement might be in the horizons...

Interesting, isn't it?