Hi All,
I hope u will be fine for last 3 days. I have 2 courses in Kuching and not much time to spend for writing my blog. Dow Jones drop 200++ point yesterday and u know that drop definitely effected local market. As a result, KLCI drop -15 point today.
Anyway, there is some exception of counter like NICORP. I don't know what news on NICORP but i believe this counter will rebound as i wrote on last Sunday.
ESSO
Chart Orientation
ESSO show trigger hammer (blue arrow) on 28 Feb 2012. Today long white candlestick formed with good volume. Target price 3.94 and cut loss 3.58. Calculate your risk and reward before enter.
Indicators
From top, 1) acc up
2) momentum up
3) stochastic at 23%
4) MACD histogram green and MACD line at 0.
My View
ESSO up during KLCI drop -15 point. Long white hammer and indicators show bullish condition on ESSO. Enter after cross 20ma.
BPURI
Chart Orientation
If u look closely, u will see the trigger hammer for buying few days before. Today white candlestick engulf black hammer. Enter price at 1 point above. Others on chart.
Indicators
From top, 1) acc flat
2) momentum up
3) stochastic at 29%
4) MACD histogram green and MACD line near 0.
My View
Bullish engulfing, accumulation in progress and other indicators supporting bullish trend are the one u must look before trading. Plan your trade carefully and stick to it.
MBSB
Chart Orientation
Price rebound when touching 20ma. This is the one I talk before, 52-weeks new high counter. Not much to say, u have to look for my last posting about MBSB. Maybe u need to look into CW Yeoh blog for finding quarterly earning growth (comparison this year on last year) and forecasting earning growth from 1st quarter to 2nd quarter. CW Yeoh blog on my right link.
Indicators
From top, 1) acc up. When u want to see whether the counter up or down, u look into accumulation and distribution (acc/dist). Remember, accumulation u look into lower trough (jurang) to higher trough as per drawing arrow - meaning price will going up. For distribution, u must look for higher peak to lower peak - price will drop down.
2) momentum flat - but it show as a support line below.
3) stochastic at 62%.
4) MACD histogram RED and MACD line far above 0.
My View
As far as i like MBSB, I also must consider the MACD Histogram still red. So, it is up to u to enter or not but rebound from 20ma support is a strong bullish. Other than that, if KLCI drop -15 pt but MBSB up +2.5 sen, i must admit that this counter is good to keep until u see head and shoulder pattern
WINSUN
I watch Winsun, yesterday formed a black hammer from 20ma support. Let see the chart...
With price at 17 sen, it is a temptation to buy lots of volume and holding for a fortune. Not so fast guys, u have to watch and think. U see red arrow where i draw an imaginary white candlestick for u to observe. If white candle form today, tomorrow u can enter. Why? see next chart.....
Indicators
From top, 1) acc up
2) momentum fail
3) stochastic fail
4) MACD fail.
3 out of 4 are fail. U better wait until clear confirmation of bullish today.
Last But Not List
Last high of KLCI is 1597, now KLCI repel at 1594. Let see if KLCI index drop until 20ma support at 1566 and rebound back. If not, maybe KLCI will create Double Top meaning u are ready to clear your holding. With that, good nite and ....
Happy Trading!!!
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