Another boring market day...just keep falling.
Today marks the 2nd day of fall, confirming yesterday's distribution. If we are alert, we can always see the signs of market retracement long before others and get out safely. Yesterday's average volume, opening up high and closing negative is a sign already. Today is just the confirmation.
Most shares fell. Not unexpected of course.
Swiber made an annoucement that they won 21.3 US million offshore installation project in indonesia. They really powerful, keep winning contracts. Once the base in Brunei and middle east is established, I think can look forward to getting more. I'll be looking for more opportunities to add more to this stock. Before that, of course must look at overall market sentiment.
UOB reported 17.9% increase in quarterly profits, slightly below expectation of 20%. Somemore there's no dividend, maybe that's why it dropped. I hope OCBC can do better tmr at lunchtime, then my warrants will have hope.
Possible entry points for stocks
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Straits asia resource (SAR)
Support at 1.07
Fibo retracement 61.8% at 1.08/1.09
Trendline support around that level too.
Possible entry position will be at 1.07 to 1.09. It's impt that trend line support is maintained, if not, I won't add onto my position. Closing price of today already went below my buy price of 1.13.
Swiber
Charts dun look too good now.
Possible entry points is at short term support : 1.65
and medium term support: 1.40
If it hits 1.65, I might enter again, depending on other indicators. Weekly charts show more downtrend..so might delay adding position. Anyway, I'm sitting comfortable with profits at my average buy price of 1.29. It's a long way down from where I buy.
Genting
Genting is still inside the triangle formation formed from weekly charts. As long as it does not go out of the formation on the downside, I'll have faith in it. Interestingly, resistance turned support line, horizontal support and lower trendline of triangle all meets at the same pt. What does it mean? I don't know. That pt happens around next week, so I think we can expect a rebound. Need a news trigger to boost genting.
I'm not looking to buy more of genting at this moment.
STI should be finishing its downturn soon enough. In fact, I'm expected it to U-turn at 3420, which is both the horizontal support and lower trendline of triangle formation. Hope it doesn't break the lower trendline. If it does, next level is 3350.
I didn't manage to get any lots for yuanbao IPO again! Sianz...so unlucky, always didn't get any. I hope STI hits 3420 in the morning, then rebound from there just before lunch, in time for OCBC results. Market expectation is 34%. Judging from DBS and UOB, which isn't too far from expectations, I think OCBC should be around there too.
Cheong ah!
Tuesday, May 08, 2007
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