30th Mar 2010 - Midas

Brief thoughts; shall elaborate more tomorrow.

• Ascending Triangle
• Double Top
• Positive MACD divergence
• Stochastic crossover
• Doji

30th Mar 2010 - A relook at Noble Group

Previously, I spotted a potential an inverse head & shoulders (H&S) for Noble. This week, my prediction is playing out nicely. I believe the catalyst was the VP joker who decided to sell all his noble shares at 3.1 to some BBs, triggering a gap down.

If you notice, there's a gap. This is what they call a 2 black gapping pattern and is bearish. It gaped down as expected. Today it closed at $3.14 forming a spinning top - indecisiveness again.

As the lower bollinger band meets the 100day moving average, coupled that the ichimoku cloud support (not illustrated) is just a few cents below, could this be the support level for a rebound?

RSI has also breached the oversold region; Stochastics shows an imminent crossover in the 20% percentile range. Putting aside the negative MACD which is a lagging indicator, if my take on STI is proven correct, then by virtue that Noble is a STI component, it will rebound tomorrow, sealing the inverse H&S formation.

Window Dressing imminent?

STI may gap up and close above the last high of 2933 to break the triple top curse. Potential break-out? We shall see

Update (21:20hrs)

My chart nexus for some reason, is not updating today's STI index. However it closed at 2933 which is the 52 week highest, equalling 11th Jan 2010's 2933 closing.

Last week, I predicted a potential cup & handle (C&H) pattern drawn in red. This week, the handle curve was formed, materializing the C&H pattern. Now here's the interesting part:

1. Triple top formations are usually bearish.
2. Prior to forming (1), a cup and handle pattern was established to now form a quadruple top. I got to be honest here; is quadruple top a continuation bearish pattern here?
3. Tomorrow is 31st Mar 2010, which marks the end of the 1st quarter of 2010. This also means potential window dressing in play.
4. I also spotted a bump & run pattern in blue. Bump & run is usually bearish which coincided with the triple top formation.

In terms of chart pattern, this is a square between the bulls & the bears.

Candlestick Analysis
Although I did not have today's candlestick for STI, it is most probably a white candle forming a 3 white soldiers. This is a bullish sign. Prior to that, it was a spinning top that illustrated indecisive-ness.

Elliot Wave Count
Counting from March lows in 2009, the last correction was Wave 4, so this wave up is the final bullish run - Wave 5.

Along with window dressing, my personal take is: STI to break the triple top curse and break out to gain a new high.

25 Mar 2010 - STI

Could this be a bullish sign to come?

• It corrects further, then rebounds up forming a triple top and breaks out convincingly with high volume next week especially window dressing is on the cards or;
• forms a triple top and breaks down from there.

My personal take is the rebound will come very soon and will test the 2933 resistance once again.

Stocks begin the correction?

STI shot up to form a double top, falling a little short of my prediction here. But still, it was on course and subsequently, it faltered at the top; giving bears the signal to come out in force today. My take is, the correction will continue; its a healthy correction. Lets see if the 38.2% fibonacci line is the support, breaking this support will be the 50% mark. Failure to rebound from here will confirm a bearish trend down.

STI put warrants anyone?

On a sidenote, noble group has started the correction. In fact its now at my last sell price - $3.34. Lets see if it drops further. I regreted not opening shorts on this. I'm using work as an excuse here; its tough to balance work & stock market together LOL.

EZRA - 17th Mar 2010

I'm predicting EZRA to keep going up.

STI Commentary

This is interesting, STI closed at 2919, let's see if it can close above 2933 to create a new 52 week high. The bulls seem to be on a run, but the declining volume doesnt bode well. It has to correct, so lets see if it corrects from 2933 onwards.

If the consensus elliot wave count is correct, this could be the last lap of wave 5, which will then mean it is destined to break 3000 barrier before doing the great descend.

I'm personally staying put; investing in high yield defensive countes instead. To me, my investing principle is simple: Make money can already,it does not pay to be greedy.

Noble - 17th Mar 2010

• Noble could be in for a correction and dip to form a a potential right shoulder; if this materialises, then its a buy signal.
• Alternatively, it could go higher to form a potential head to form a potential H&S, by which it will be wise to open shorts then.
  

StarHill Global Reit - 17th Mar 2010

• potential ascending triangle formation
• Might dip as stochastics just crossed over; RSI on the edge of overbought. MACD is positive albeit lagging.

If it dips, it might be a good chance to buy.

STI - 16th Mar 2010

Lets see how this pans out