Tuesday, October 19, 2010

Stock Watch

TanChong : Retracing from RM6 level, its new high to current RM5.53 level. Strong support seen at 5.20 level, and IF it really move down to RM5.20, I wont hesitate to buy it to wait for the rebound. Currently, more RED histograms seen and trading below 20-MA now. Waiting for 50-MA support, and once break this support, it is BEARISH. But, once bullish crossover seen in stochastic, I will start collecting it. Also notice its LOW volume which is a good sign ... we need to wait for SELLERs to be out, buy into it and WAIT for buyers to be back. That is market ... unless you think KLCI will reverse or dive, then time to be bearish again! With DOW down 100 points now, expect it to move lower. When it starts to move sideway for few days, it is accumulation .. then BUY??

TanChong : Shaded region showing oversold where BUYING should be considered here. It has shown that it will rebound to overbought region. I like it now as it is pointing DOWN. This is a nice waterfall now, high in list. I read a headline stating sales of auto declined.

Oversold scanned using CN

1. CIMB(RSI 39)
2. EAH (RSI 48)
3. Hiapteck (RSI 41)
4. HuaYang (RSI 36) --- at support, two green histograms now. Nice technically.
5. TanChong(RSI 45)
6. YeeLee(RSI 28)

I have mentioned I like CIMB at this level. I have huge positions in EAH. I looked into HiapTeck last night(it is a nice waterfall at the moment). TanChong worth stalking.


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