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Thursday, October 29, 2009

Capland 29/10/2009

Capland looks like a cup & handle? To me it does.

STI 29/10/2009 - update

Previous post is here.
Triangle broke yesterday. We have channel support as shown in the oval in the chart. Might pullback from there. BTW, the inverted H&S is busted.

S&P 500 29/10/2009 - update

Previous update for SPX is here.
As per the earlier post, after reaching the target of 1100 exactly S&P retraced. Yesterday it closed right on the trendline. We might get a pullback from here as the market has sold off almost 60 points without any correction. But please do note that we have broken the long term uptrend line (Red trend line) which was held since March 2009. If we go back above that trendline very soon, it could be considered as a fake breakdown. Breakdown below the purple line could be bearish continuation.

Tuesday, October 27, 2009

STI 27/10/2009 - update

Previous chart for STI is here.
Updated chart below. Forming symmetrical triangle and a falling wedge.

Monday, October 26, 2009

SIA Eng - 26/10/2009

C&H breakout for SIA Eng. Estimated TP is 3.03.

HoBee - 26/10/2009

Another inverted H&S. Break above 1.54 is bullish.

Swiber 26/10/2009

Swiber had a high volume today. A break above the inverted H&S neckline at 97 might take it to the tp of 1.14.

Ausgroup 26/10/2009

Ausgroup forming a base around 69. Inverted H&S formation. Not very convincing pattern, but a break with above the neck line might take it back to the recent high.

Thursday, October 22, 2009

STI 22/10/2009 - update

Yet another bullish scenario on STI.
Inverse H&S forming on daily. Right shoulder could be as low as 2663. TP gives 2910 depending on when/if it breaks out.

PS: Not an inducement to buy or sell. This is just another bullish view when there has been a lot of bearishness in the market since the last 2-3 months. I could be wrong. Risk management remains utmost important.

Monday, October 19, 2009

STI 19/10/2009 - Update

Previous post for STI is here.
As mentioned in the previous post scenario 2 came through. As a new perspective I am seeing a cup formation on STI. For confirmation, it should create a handle in the next few days and breakout of the cup high for more upside. If that happens, estimated TP will be 2961.

Saturday, October 17, 2009

Happy Diwali - 2009

Happy Diwali to all my friends and their families.

Friday, October 9, 2009

S&P 500 09/10/2009 - Hourly

Nice inverse H&S spotted on SPX hourly. Estimated target gives 1100.

Thursday, October 8, 2009

STI 08/10/2009 - update

Previous post for STI is here.

Scenario 1: STI broke down below the ascending triangle and turned bearish. Price retraced back towards the triangle to create a throwback. If this scenario hold true it should go further down in the coming weeks.

Scenario 2: Another possibility of an ascending triangle in the formation as below. MA's have not yet turned down and we still have higher lows. Whether we create a higher high remains to be seen.

Although at this point any scenario might unfold, I remain a bit biased towards scenario 2 where the coming earnings season might carry the prices to new yearly high. In any case, I dont think the rally will last very long.