Is a double bottom coming?
Volume is not really lower on the second trough but MACD bullish divergence is encouraging.
A breakout above 2.71 is necessary to confirm.
There may be some difficulty however due to the gap between 2.72 and 2.79 and the 100DMA, which confluence with the neckline.
Some consolidation here will be necessary to give her that push.
Stay tuned.
I think no more double bottom liao...
shitty results... thinking of shorting... let me relook my charts and maybe post it here
Latest update: As at 31st Dec 2012
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Capitaland
I eat my words.
Crapland has done it again. Bust a powerful reversal chart pattern.
Back in March/April, she staged an inverse H&S, broke out, and then quick came back down. Heng I was nimble and ran with a small profit before she committed suicide.
History is repeating itself with this fake double bottom. Talk about no credibility... *shakes head*
SG property stocks - Uptrend still intact
Quote Originally Posted by trendtrader View Post
Capitaland.....
She closed at 3.18 after hitting a Day High of $3.22.
If the price continues to retreat, the rebound may come at around her 20-dma at $3.08.
If she resumes her Journey To The North, I see the Snap-Back Theory kicking-in at around $3.27 to $3.30.
Attachment 7169
The blue line gives us a better visual perspective of the distance between the peak of each rally and the 20-dma.
The number which appears next to the blue line is a measure of the length of the blue line.
If the last blue line on the right of the chart measures around 9, the price will hit $3.27 thereabout.
If the the blue line measures 12.5, the price should hit about $3.30.
Statistically, this counter has a habit of retreating once the price is around 9 notches above its 20-dma.
And if the price rises 10 to 12.5 notches above its 20-dma, the probability of a retreat increases with each rise.
What can we gather from this info? How can we use it to devise a Trading Plan?
For me, one way to coin a Trading Plan is this:
1. If the rise above the 20-dma is 7 or below, no trading signal is generated. Ignore the counter.
2. If the rise hits 8, you can either SHORT some first...OR .... you can wait till the rise measures 9 or 10. Then you SHORT some.
3. Should the price continues to rise, there is no need to cut loss. Monitor the rise to see if it hits 11....then 12.5. If it does
and then the price stops rising, you can either ADD SHORTS TO AVERAGE UP.....or wait for the price to retreat and drop by
1 notch before you ADD SHORTS.
4. You can employ a STOP LOSS if the price rises above 13.5 or at some other level which meets your comfort level.
And refine the Trading Plan with each trade till you come up with one which works for you and suits your style.
The last blue line currently measures 6. To me, no trading signal is generated. But if the price continues to retreat
towards its 20-dma at 3.08, I will wait for a bounce to LONG her. The bounce may come before 3.08 also.
Use trading volume as an indicator Based on past patterns; expect the 3rd one coming soon.
Capitaland - An inverted H&S Breakout, neckline at 3.11; TP at 3.82
Capland hit high of 3.22, low of 3.18 and closed with a bearish gravestone doji @ 3.18 (+0.03, +1%) with high vol. done at 22.2m shares.
Immediate resistance @ 3.25, next resistance @ 3.38, strong resistance @ 3.58.
Immediate support @ 3.11 (neckline of the inverted H&S breakout).
Crucial support @ 3.00, the long-term horizontal line in red (weekly chart)
Strong support @ 2.86, the 20d SMA.
closed at day high of 3.23.
solid small white candle. Tight range of 3c.
not sure if the BB is distributing or accumulating.
Latest update: As at 31st Dec 2012
STI Component stocks yield link
STI Reits & selected dividend counters
My blog:
http://milo-dino-trades.blogspot.com/
Trade safely!