Metastock Turtle Trader Hybrid Exploration as at 12 May 2010

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.

Yanlord Potential Inverted Cup and Handle Formation

The giant dome structure has transformed into a potential giant inverted cup and handle formation. A breakdown below the blue support zone confirms this bearish pattern and will probably result in a fall towards the orange dotted support line. Further weakness may see a retest of the green dotted support band.

Take note that there may be formation of multiple handles if bullish buying support defends the blue major support zone of this potential inverted cup and handle pattern.

Genting Betting on Major Resistance Zone

22 Feb 2010
1st attempt to clear green major resistance zone

16 Mar 2010 to 22 Mar 2010
2nd attempt with multiple daily bars within the green band

30 Apr 2010
3rd attempt with shooting star candlestick warning of bearish pullback and the additional resistances from 100EMA and the upper red channel resistance

10 May 2010
Testing of triple resistances formed by green resistance band, upper red channel boundary and 100EMA in progress. A strong breakout above this major green resistance barrier will challenge the pink resistance band. If strong follow up buying continues the dark blue resistance barrier may be tested.

However if the bears wins the bet expect a retracement to the following probable supports

1. Pale orange belt

2. Lower red channel support

3. Light blue band

4. Critical lavender base support

DJIA Potential Diamond Top or Diamond Continuation Pattern ?

Expect more wild wide swings between the green and red lines of the potential diamond formation. A breakout above the green resistance line must clear the top apex of the diamond to confirm that it is a continuation pattern and this will see more upward climb of the DJIA.

However if the DJIA is unable to propel above the red 100SMA resistance and the orange dotted horizontal resistance it will probably retest the green 200SMA support followed by the light blue dotted horizontal support and the red support line of the diamond formation. Support failure here will confirm the diamond top and more downward pressure will be imminent.

Yangzijiang Testing Resistance Zone

Rebound from gap support and lower blue channel support facing resistance at pink zone. A strong sustained breakout is needed to clear this resistance band to challenge the following probable resistances

1. Dark green belt

2. Upper resistance of blue channel

3. Lavender band

4. Milestone 1.50

5. Peak marker 1.57

However, if bears regain control a retest of the following probable support is imminent

1. Light blue gird

2. Light green gap support zone

3. Lower blue channel support

4. Orange band

5. Ichimoku Kumo cloud support

Stay alert and be nimble as the market continues to be spooked by the Euro Debt Crisis.

DJIA Weekly Chart Bearish Engulfing Candlestick Formation At Fibonacci 61.8% Retracement

As predicted in my posting on 15 April 2010, the DJIA met resistance at Fibonacci 61.8% Retracement level and a bearish engulfing candlestick pattern was also formed at this confluence region. The light green horizontal support will be tested next if further weakness continues. Support failure here will test the dark blue trendline support. Bears will be victorious if this blue trendline breaks and challenge the next Fibonacci Retracement support at 50% level.

Any unexpected rebound from the current position must take out the 61.8% Fibonacci Retracement followed by the horizontal inverted head and shoulders measured move projection target as indicated by the red dotted horizontal line. Strong resistance is expected inside the orange rectangle confluence zone.

Sinotel Weekly Chart Cup and Handle Pattern

Since IPO this counter has created a giant cup and handle formation. Price has been trading within the dark blue channel which is handle of the cup. The recent breakdown below the upper red channel support will probably see a retest of the lower support of the blue channel if the 45 to 43 support zone fails. Next support will be the 40 milestone followed by the lower boundary of the red channel. Further weakness will probably test the 36 to 34 support area.

However, any successful rebound from the current support zone or the lower handle support may meet resistance at the 50 mark followed by a challenge of the 55 to 56.5 resistance band.