Monday, July 26, 2010

TopGlove : Nice chart forming. Decreased in selling volume. More red histograms seen. RSI lowered. Stochastic showing oversold .... but prices maintained at 6.75 - 6.80 tight range.

Comment by my trainer(in CN forum)


For Topglove, the trend is still up but on a shorter-term it appears to be stucked in a narrow trading range.

Immediate support: 6.72/6.65

Immediate resistance: 6.90
Next resistance: 7.38

1) MACD Histogram is still showing a series of reds.
2) RSI remains flat around the 50% level
3) Stochastic continues to hover at the oversold region

Given lacklustre readings seen from the indicators, Topglov needs to clear above the resistance at 6.90 (classical+20-day MA) in order for the bulls to resurface to see a potential upmove towards 7.38

Monday morning ... expecting a higher opening as the sentiment changed for better for now. I might move back in for A123 tonight as it is giving a buy signal again. DOW is not diving as for now but I do still reading some articles saying double-dip is imminent. RHBInvest saying the recovery might slow-down but NOT double-dip. So, should I be listening to Dar Wong who has been trumpeting double-dip is certain and around the corner according to his method(waves-charting) or should I trust Mr Lim of RHBInvest for this??

Stalk : 3A, TopGlove and BJCorp.

Buy : Sunway and Pelikan.

Trade : Zelan and KEuro.

Rubber : Incken, IRCB for punting. Watch Kossan, Adventa and Supermax.

Consumer and Construction still in play. Pay attention to those active stocks to punt into it for short-trades.

9.05 am : Sunway done at 1.60, clearing Sunway-wc at 0.610. Grabbing more of Zelan.

9.15 am : Sunway done at 1.61.

9.35 am : KLCI up 5 points.

ZhongWang : Diving below HKD5, losing 8% now.

12.10 pm : I m not watching as I m preparing my paper-works but I m keeping my eyes on ZhongWang. P/E at 6 level, a very good value buy for investors.

Zelan : Cleared at 0.67, bought at 0.67 last Friday.

Sunway : At 1.60, queueing more at 1.59, 1.58 and 1.57 .. waiting.

Dropping : BJCorp, Notion and TopGlove continue to be in reds. MudaJaya and Pelikan are dropping.

Zijin suspended. ZhongWang at 4.95. My two-Zs to watch. Well, in KLSE I just exited my two Zs too Zelan and ZhuLian.

ZhongWang closed at 4.93, lost 8.9% this morning. I will wait for it to retrace and confirmation to BUY using charts. We should buy when a stock we like dive, right? We should buy a low P/E stock, right? We should buy a leader in the sector, right? We should buy a depressed sector, right? And we should be buying during market-correction, right? So ... if all that is answered RIGHT, then I shall wait ... and justifying myself that I should be buying ZhongWang when it dive further.

My recent trades

BJCorp : I was lucky to escape BJCorp when I bought into it at 1.25, and lucky to hold to my discipline when it reached my cut-point at 1.25. Today, it touched 1.01. Terrible stock to hold, actually with the big-land-buaya behind the scene. So, I must promise myself not to move in BJCorp, unless for quick punt. Even that, the lurking buaya knew what we are doing and will shake you off. Beware if one is holding to BJCorp. We have been warned MANY times not to touch this 'hot' stock. Syndicates using it as a tool. Do yourself a favour ... there are many good stock around.

MyEg : At 0.795, another close call when I decided to cut-loss last Friday at 0.82 as that is my stop-loss level. It might move lower, according to the charts.

Pelikan : Bought on Thu at 1.22-1.24, cleared for small profits on Friday at 1.25 and 1.27. Today it is back to 1.22, touched 1.21 this morning.

ZhuLian : Another case of taking profit too early ... well, when I bought at 1.93-1.95 on Thu, I was thinking of clearing on Friday(with Sunway in mind). So, I was glad to clear at 2.00 BUT it is at 2.10 level today!! Talking about bad-timing?

Hai-O : Took a small loss and cleared all last Friday too as I was told that my bullish-divergence understanding was in-correct. So, admitting mistakes while learning, I cleared it at 3.70 level, lower than my average of 3.72.

Support : Another mistake done 2 weeks ago, and failed to take profits at 1.56, instead cleared for a loss last Friday. Today it is still at 1.48, becoming its resistance level. Wont look back on this one.

E&O : My fav property stock moves from 0.88(support) to 1.03 now ... I have cleared at 0.93 and 0.96 before it moved to 0.88 level ... but ... I did not stalk it back. Next round, please.

GPacket : This is simply a usual case of taking profit too early for me. Hmm ... *piak*

LionInd : Well, cleared at 1.54 and 1.56, I guess that is OK as it didnt shoot to 1.62 that I thought it might.

4.20 pm : KLCI up 5 points.

ZhongWang closed at HKD4.93, lost 9%. Noted again.

7.15 pm : Dinner time. KLCI closed 6.14 points higher today but many stocks are still in profit-taking mode.

MudaJaya : At 5.69, lost another 3.23% today. Watch ...

Pelikan : At 1.21. Stalk.

MyEg : At 0.775, lost another 3%.

Oversold stock

1. BJCorp --- watch as it will rebound when syndicates move in
2. IRCB --- same comment as above, a darling of syndicates.

These two counters should NOT be in any INVESTOR's portfolio. No value, no FA in these. It is for speculators and punters.

3. JCY @ 1.37, below its IPO value now.
4. Notion @ 2.65, broke 2.75 support level, looking at 2.60 next.

Tech-stocks are not doing well at the moment, as consumers and constructions in play. It is rotational, so syndicates might wait for time to move into tech-sector again.

A123 : I bought at 9.00, sold for a loss at 8.73. Today it is at 9.70. WOW .... OUCH!! Buy back buy back ... fast!!

9.45 pm : Grabbed back A123 ... at 10.50!! Arrghhh ....


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