Genting Potential Shooting Star Battles Triple Resistance

Rebound from lavender support belt is now battling triple resistance formed by

1. Upper red channel resistance boundary

2. 100 EMA

3. Green resistance band

Strong buying in the afternoon must be able to absorb the profit taking for a successful breakout above this triple resistance to challenge the pink resistance zone.

If the Bears take control expect a pullback to test the following probable supports

1. Orange support belt

2. Lower red channel support boundary

3. Light blue support zone

4. Major lavender support base

Stay alert and be nimble.

Broadway Turtle Trader Hybrid Long Signal On Track

Kudos to those who traded based on the Turtle Trader Hybrid Long exploration scan by Metastock 11 EOD as posted last night (see previous posting). A strong upthrust since the rebound from the lower support channel has rapidly reached the mid channel resistance. Further buying interest is required to continue climb towards the upper channel resistance. Any weakness may see initial support at 1.20 followed by the 1.16 to 1.14 support band.

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Long or Short based on Metastock Turtle Trader Hybrid Exploration

Turtle Trader (Hybrid) System is one of the 5 NEW Name Brand Systems that is part of Metastock 11 End of Day Version. Turtle Trader (Hybrid) System is based on the well-known and widely published Turtle System, this system generates buy signals when the price moves above the highest high of the last 20 days. Short signals are generated when the price moves below the lowest low of the last 20 days. Positions are closed when prices reach the extremes of the previous 10 days.

This system could easily sell as a separate MetaStock Plug-In but it is now free as part of MetaStock 11. Free trial of Metastock 11 is now available at www.metastock.com/tacttrial.

Yangzijiang Triple Support Rebound

Rebound from triple support formed by

1. 20SMA

2. Dual support of upper blue channel boundary

3. 38.2% Fibonacci Retracement

Expect resistance at the light blue zone followed by a challenge of 1.57 peak if buying interest continues. Any weakness before reaching the light blue zone will retest the triple supoort again. Support failure here will retest the following probable support levels

1. 1.30

2. 50% Fibonacci Retracement

3. Green gap support zone

4. Blue channel dual lower support boundary

5. 61.8% Fibonacci Retracement

Stay alert and be nimble as market continues its high volatility swings.

Metastock Generated 200 Weeks Simple Moving Average 2% Band List

The 200 SMA is used to demarcate bull zone from bear territory. Statistics have indicated that long positions above this line favours the bulls and short positions below this line provide better odds for the bears.

This moving average should be a charting setup in all time frames. Use it in weekly charts, daily charts, and intraday 5 min, 10 min, 15 min, 30 min and 60 min charts.

The 200 SMA is the most important moving average to have on a stock chart. You will be astonished at the frequency a stock will reverse in this region.

Utilize this as an additional filter to find potential long setups that are above this 200SMA line and potential short setups that are below it.

The list of SGX Counters Hovering Near 200 SMA was an exploration result written in Metastock Exploration Language. Stay alert and be nimble if the counter you are trading appears on the list posted above. Expect high volatile swings as the stock struggles to decide whether to remain as a bull or tranform into a bear and vice versa.

Genting Betting on Critical Support

Bulls and Bears betting on light green critical support band. A victorious bulls campaign will retest the following resistances:-

1. Upper resistance line of the blue channel

2. Upper resistance line of the red channel

3. 200EMA resistance

4. Ichimoku Kumo resistance cloud

However, if the Bears are triumphant a breakdown below the light green support band will challenge the following supports:-

1. Lower support boundary of the blue channel

2. Lower red channel support line

3. Green downtrend line

Stay alert and be nimble as the countdown timer ticks.

Baker Tech 30 mins Support and Resistance

Short term 30 mins chart support and resistance trading bands where the bulls and bears battle continues. Breakout above green band will most probably meet red resistance zone. Pullback will retest support at the orange support belt. Critical support is the light blue support zone near the Ichimoku Kumo support cloud. Support failure here will retest the lavender support band next and a breakdown of this band confirms the short term double top formation at the green zone. This weakness may trigger a drop to retest the pink gap support zone and a fall below the Ichimoku Kumo will revert its support role into a resistance storm cloud.