Lianbeng don't know what happened, towards market close suddenly there are huge lots of buy ups that pushed the price to close at 0.480. The charts for Lianbeng is very nice, can look forward to more run up in the price for sure. I sold it at 0.450, oh well, missed another 0.030 profit. Unavoidably lah, it's quite hard to sell exactly at top or buy exactly at bottom. Hmm, I hope this run up means something big coming for construction stocks? I saw yongnam and chip eng seng mirroring Lianbeng's rally too.
Straits asia resource chart looks very nice too. Very predictable price action - just bouncing in between trendlines. I think it broke out of this symmetrical triangle and the price is retracing before another run up again. Breakout level should be at 1.43, so it should act as a support level for now. Break below that, breakout is invalidated. Even if didn't break below 1.43, at least must see that the volume increasing together with follow through buying up. My target is still 1.59.
Quite a number of construction counters in my watchlist have the 4r1g buy signal. Yongnam is one of them (CSC is another, but the chart is not as nice as yongnam). Nicely sandwiched between the downtrend and uptrend lines (green). I'm looking for either breaking of the upper trendline or the lower trendline. From other indicators, seem like upside breakout is more likely. Support level at 0.380 and possible resistance at 0.415 and 0.440. This can cheong very fast, just a whiff of contracts can send all the construction stocks to dizzy heights.
I've more confident of Yongnam prospects that lianbeng, hence i'm keeping Yongnam a little longer. CSC, when can I dump you? haha!
Europe is mainly green while Dow is up 93 points. My happy that I've trimmed my portfolio yet again this week.
Still got quite a lot more to trim! Current losses stand at 7.1k. My current portfolio consists of Pac andes, Swiber, CSC, Yongnam, Straits asia and GK Goh. CSC and yongnam is speculative, so i'll be looking to sell (hopefully) by end of this year. Have a great weekend!
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