Apr 23, 2012 Weekly Singapore stocks with Jonathan Tan
IMF to the rescue. Will it be enough to negate the bearish signs in S&P500? Straits Times stays in consolidation mode. A lot of Singapore stocks are near support but a lot also has bearish candle. How can the market go this week? Find out what it is in this week video edition.
Remember to let your friends know about this video, ChartingAcademy.com, and Facebook. Thanks.
Wanted to post…
But it has been a hectic last few days, therefore I will just give a short summary as I really need to take some rest…
NOL – possible bear flag forming
IndoAgri – bearish candle
Sakari – bearish
CapitaMall – falling window closed
JMH400 – ascending triangle
Currently at 1:08am, Dow is -33 exactly at 13,000. On daily chart S&P looks like forming a bull flag. Currently today’s candle (not fully formed yet) looks like a shooting star. And it looks like S&P wants to rebound higher intraday. Therefore daily candle will only be known by closing.
I will reply emails this weekend.
Note: There will be [InnerCircle] webinar this Sunday 10:00pm.
STI – Rounding top?
Username : gcw
Email : xxxxx
Message : Hi Jon,
Im an active contributor to ur cbox. follow u religiously every wk for ur youtube clips too, but not in ur inner circle.
anyways, i wanna ask u how to differenciate accumulation from distribution??? r we in distribution mode or accumulation now?
And also, im seeing rounding top alike pattern in STI….am i wrong?
pls enlighten me. Thanks in advance!
There is no clear sign that one can use to tell accumulation or distribution. The group that is accumulation will not openly advertise and shout that “I AM ACCUMULATING! You better buy this counter now before I will make it go higher”, right? But if one pays attention to the chart, one can roughly guess if it is accumulation or distribution but like I said, it is still an educated guess. In TA, there is no sureness.
You may have heard about the term consolidation. It is during this consolidation, something is happening to this counter, but in terms of price, “nothing” is happening. This “nothing” is happening price movement frustrates retail investor and test their patience. But underneath, something is happening, either accumulation or distribution. Ask yourself, would smart money accumulate a stock when it is very expensive? Or sell a stock when it is very cheap? Think this somewhat answers your question.
Is Straits Times a rounding top? If you change the timeframe to weekly chart, this is what you will see…
But don’t get too happy shorting yet. STI has not break the rounding top support. It is still forming but not in play yet.
VIX – between a rock and a hard place
VIX after moving higher over the last 1 month, nicely hit the 100 day moving average resistance. But now, the other 2 moving average, 20 and 50 is catching up to give some support. In the next few days, VIX (a sign of fear) would have to decide if it wants to break the support or resistance. And that would signals where the market wants to go.
TianjinZUS$
TianjinZ previously nicely bounced from the 200 day moving average and now resisted by 20 DMA. Today’s volume also comes with high volume, which does not look good if tomorrow starts to turn lower.
Biosensors – “died-ed”
I think there is no need to mention that Biosensors today died-ed (past past tense of die). If anyone still holding any long position, you seriously must consider where to cut loss. There may be a small possibility of Biosensor forming a bear flag, but don’t out too much hope on it. Any rebound higher could encounter strong selling pressure.
Capitaland – hammer time?
Today Capitaland nicely rebound and formed a hammer. As of now, it is still higher high (close to same high) and higher low if it rebounds, but stay cautious.
Indoagri – deja vu?
If you look at Indoagri closely (see the 2 arrows), doesn’t it look similar? Both candles are about the same distance from the 20 day moving average.
KepCorp – refuses to fall
Looks like Kepcorp still refuses to fall and today the bulls engulf Friday bearish candle. If anyone wants to short STI or major counters, pay attention to this counter first as it is a barometer for general market sentiment for now.
SGX – chart does not look bullish for now…
SGX had a rebound (if you can call it a rebound because it is so weak) as it got near to the 200 day moving average (see highlighted area). The 100 and 200 DMA is all that is holding SGX from falling. Watch the 2 support and resistance lines for any indication where SGX wants to go.
