Dropped on high volume today despite having a new SWF buying over 50,000,000 units of Noble Group.
Strong support seen at $1.98 to $2.00 region, which coincidentally coincides with the lower channel line.
This one looks good. I will enter should prices drop to that region.
Golden Agri:
Another counter close to a strong support.
Strong support eyed at 63c.
Seems to be consolidating around 65c level.
Will consider entering should prices weaken to 63c
CapitaMallsAsia:
Indicators wise, all three counters paint a similar picture:
- declining MACD, the latter two in negative region whilst Noble in positive region
-Bullish divergence for force index
-oversold stochastics.
Of these three, Noble looks the most compelling should it reach it's target price (Longer term picture is of an uptrend as opposed to downtrend for CMA). I will revisit them again if they reach target price...
Hi Isaac,
ReplyDeleteEntering at lower channel line when prices are below 100D or 200D EMA might not be the best idea as uptrend has not been reinstated.
However, I still like Noble too and at the price you stated. However I will look to buy at support and sell at resistance unless the uptrend resumes, which will likely be another trade for me.
Just my opinion. But great work with analysis so far. Best Wishes,
James
Hi James,
ReplyDeletethanks for your input.
To ascertain uptrends, I like to see the weekly charts, whether the 26 week EMA is up. If it is, I consider it an uptrend. This is using Dr Alexander Elder's method, which I find to be more suitable for my trading style.
Thanks again for visiting and commenting. I like to hear opinions about my charting, especially from more experienced traders like yourself.
Thanks for the compliments too!
Isaac
Interesting trade ideas.
ReplyDeleteI really enjoyed your blog post.
ReplyDelete