Z-Obee Potential Double Top or Potential Ascending Triangle

Tested and pullback from the high of the previous peak thus setting a potential double top chart pattern in the process. At the same tine on closer examination there is also a potential ascending triangle as shown in red. This ascending triangle formation will be invalid if price breaks down below the sloping support of the triangle. A breakout above the red horizontal resistance will confirm the ascending triangle.

The potential double top formation will be confirm only if there is a breakdown below the pink support zone and will be invalid if price manages to clear the red horizontal resistance line.

List of SGX Counters Hovering Near 200 SMA as at 26th Feb 2010

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.

You should add this moving averages to all of your charts in all time frames. Yes. weekly charts, daily charts, and intraday (5 min,30 min, 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.

When writing scans for stocks, you can use this as an additional filter to find potential long setups that are above this line and potential short setups that are below this line.

The list of SGX Counters Hovering Near 200 SMA was an exploration result written in Metastock Formula 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.

Z-Obee Testing Symmetrical Triangle Resistance

Major upper red channel resistance being tested. This is the resistance line for the symmetrical triangle formation. Breakout above this immediate resistance will meet next resistance at 37.5 followed by the light blue resistance zone. However, a pullback below the current green support zone will retest the lower blue channel support which is also the symmetrical triangle support. Support failure here will force price downwards towards the pink support zone and challenge the lower red channel support.

Yangzijiang Potential Complex Head and Shoulders Formation

A potential right shoulder of a complex head and shoulders chart pattern is being formed. Breakdown below the red neckline support confirms this formation. Neckline support failure will see retest of 90 cent support zone. This potential complex head and shoulders pattern will be invalid if price swings above 1.20 and if it continues to move up there is a high chance of a triple top formation.

Capitaland Potential Diamond Formation

Potential diamond chart pattern has formed on daily chart as at 3.38 pm based on live data updates. A continuation diamond pattern is considered a bearish signal, indicating that the current downtrend may continue. Stay alert and be nimble as a breakdown below the diamond trough may see a drop towards 3.30 support region.

Genting Due Dates for High Volume Trades Approaches

The due dates for the high volume traded on 18th Feb and 19th Feb 2010 approaches and the real test of support will be known soon. If the buying interest is real there will not be margin calls and force selling. The median line of the red pitchfork has been checking the price movement and any upward breakout here will see resistance at the upper boundary of this pitchfork. Conversely, if force selling should happen a retest of the 90 cent doji low support is expected followed by a challenge of the lower boundary of the red pitchfork. Take note of probable supports as indicated by the blue dotted lines. Be nimble and stay alert the moment of truth cometh.

CapMallsAsia Doji Moves Out of Down Channel

From the volume distribution chart the Big Boys sold in late afternoon trading. The doji candlestick signals an indecisive market sentiment and warns of a probable stall in upward move from the green channel. Immediate resistance expected at 2.30 followed by 23.6% Fibonacci retracement level. Observe the price movement as it approaches each Fibonacci retracement level as they are high probable resistance and support levels.

Being a new stock with limited trading history the use of Fibonacci projection helps predict probable support levels below the 1.19 immediate support. Breakdown from this critical support may see a test of the projected Fibonacci levels plotted on the chart. Stay alert and be nimble in case important US economic data rocks or shocks the market.