Wednesday, October 21, 2020

Top Glove (SGX:BVA) Trade idea 21 October 2020


Top Glove (SGX:BVA) has form a potential double top and has since retraced today to hit the first support at 2.88 and has bounced off its 50-MA. If this level is unable to hold it is likely to continue to move down to its second support at 2.70. 

Beyond 2.70 the next key supports are: 2.59 and 2.42.

Stop loss: 3.20

Key Resistance level: 3.163

All posts and charts are for educational and illustration purposes only
Friday, October 16, 2020

SATS (SGX: S58) Tailwinds emerging

An announcement was made today that Singapore and Hong Kong will create a travel bubble that exempts people from both cities from quarantine, an agreement that will re-open links between Asia’s two premier financial hubs. Since June 9 travel agreements have been signed to established Green Lanes with China South Korea., Japan , Indonesia and Brunei. 

I expect more approval to come. SIA recently introduced cruise to nowhere in flight dining saw huge demands and all these packages will benefit SATS  Arrivals at airports rose from 750 in April to 8912, no much to shout about compared to pre-covid numbers but certainly a positive development.

Opening-up is particularly important for Singapore to help reboot its economy and the aviation industries as Singapore relies heavily on international connectivity.

On the chart SATS currently trades above their 50-MA level. Immediate support at 2.95 and 2.85  with overhead resistance at 3.15 and 3.28




All posts and charts are for educational and illustration purposes only
Wednesday, October 14, 2020

Apple (NASDAQ: AAPL) - Hotly anticipated iPhone 12 launch fail to live up to its hype.

There was no fanfare at much anticipated iPhone 12 launch yesterday. In fact, Apple (NASDAQ: AAPL) fell by 2.65% on the news closing at $121.10 after trading to a high of S$125.39 yesterday. Pricing US$699 price is reasonable, but many analysts had more aggressive expectations. Pricing strategy has been critical to each iPhone’s success. This time I think the success of iPhone 11 is less likely to be repeated. With such high expectation and huge built up in component inventory, the high share price performance of Apple and its supply chain names may not be repeated in the next 6 months.
All posts and charts are for educational and illustration purposes only
Tuesday, September 29, 2020


Cosco Shipping (SGX: F83) "Every Dog Has Its Day"

Cosco Shipping Spore - "Every Dog Has Its Day" ... this stock has not seen daylight since 2011. 

Today, the price action is unusual with significantly improved volume indicating positive energy is back after a long time. Watch for the break above the downtrend line. Upon a breakout, the price could accelerate towards 0.22 its first resistance and 0.25 if a bit of luck. A break below 0.178 will negate all positive price action.



All posts and charts are for educational and illustration purposes only
Thursday, September 24, 2020

Tesla Battery Day Hype Disappoint.

 

Tesla Battery Day Hype Disappoint.

Tesla unveiled its much anticipated in-house technology amidst high expectation on battery day only to disappoint as management expects to halve battery price and ramped up

US$25,000 passenger electric vehicle in 3 year's time. The market was expecting game changer technologies such as silicon nanowire or single cathode material but there was no surprises.

On the chart Tesla price could have peaked for now and could be heading for the 50 Days MA at 358 before heading south again for the 338 level. The first credible support at 296 will be my first target and if the market condition deteriorates it could head for 273 which is my conviction support level .

 

All posts and charts are for educational and illustration purposes only
Thursday, September 17, 2020

Major Wall Street Indices could correct further

 

Major Wall Indices could correct further.

S&P 500/ Dow Jones/Nasdaq/ Russell 3000/Emerging Market Indices are trading close to its 50-day MA.

Will it break?

Normally, in an average bull market, investors should be buying when the asset class is supported above the 50-day MA as they  tend to rebound and go higher from this important technical level.

However, if you have watched my recent posting on how I called the Nasdaq top before its correction you will understand that the major Wall Street Indices have yet complete its corrective phase.

There could be more downside potential in the event that they break below their respective 50-day MA, they are likely to move towards their 200-day MA.

Nasdaq 100 Chart


Dow Jones Chart



 S&P 500 Chart



 

All posts and charts are for educational and illustration purposes only