Genting Potential Shooting Star Battles Triple Resistance

Rebound from lavender support belt is now battling triple resistance formed by

1. Upper red channel resistance boundary

2. 100 EMA

3. Green resistance band

Strong buying in the afternoon must be able to absorb the profit taking for a successful breakout above this triple resistance to challenge the pink resistance zone.

If the Bears take control expect a pullback to test the following probable supports

1. Orange support belt

2. Lower red channel support boundary

3. Light blue support zone

4. Major lavender support base

Stay alert and be nimble.

Broadway Turtle Trader Hybrid Long Signal On Track

Kudos to those who traded based on the Turtle Trader Hybrid Long exploration scan by Metastock 11 EOD as posted last night (see previous posting). A strong upthrust since the rebound from the lower support channel has rapidly reached the mid channel resistance. Further buying interest is required to continue climb towards the upper channel resistance. Any weakness may see initial support at 1.20 followed by the 1.16 to 1.14 support band.

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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.

Yangzijiang Triple Support Rebound

Rebound from triple support formed by

1. 20SMA

2. Dual support of upper blue channel boundary

3. 38.2% Fibonacci Retracement

Expect resistance at the light blue zone followed by a challenge of 1.57 peak if buying interest continues. Any weakness before reaching the light blue zone will retest the triple supoort again. Support failure here will retest the following probable support levels

1. 1.30

2. 50% Fibonacci Retracement

3. Green gap support zone

4. Blue channel dual lower support boundary

5. 61.8% Fibonacci Retracement

Stay alert and be nimble as market continues its high volatility swings.

Metastock Generated 200 Weeks Simple Moving Average 2% Band List

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.

This moving average should be a charting setup in all time frames. Use it in weekly charts, daily charts, and intraday 5 min, 10 min, 15 min, 30 min and 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.

Utilize this as an additional filter to find potential long setups that are above this 200SMA line and potential short setups that are below it.

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

Genting Betting on Critical Support

Bulls and Bears betting on light green critical support band. A victorious bulls campaign will retest the following resistances:-

1. Upper resistance line of the blue channel

2. Upper resistance line of the red channel

3. 200EMA resistance

4. Ichimoku Kumo resistance cloud

However, if the Bears are triumphant a breakdown below the light green support band will challenge the following supports:-

1. Lower support boundary of the blue channel

2. Lower red channel support line

3. Green downtrend line

Stay alert and be nimble as the countdown timer ticks.

Baker Tech 30 mins Support and Resistance

Short term 30 mins chart support and resistance trading bands where the bulls and bears battle continues. Breakout above green band will most probably meet red resistance zone. Pullback will retest support at the orange support belt. Critical support is the light blue support zone near the Ichimoku Kumo support cloud. Support failure here will retest the lavender support band next and a breakdown of this band confirms the short term double top formation at the green zone. This weakness may trigger a drop to retest the pink gap support zone and a fall below the Ichimoku Kumo will revert its support role into a resistance storm cloud.

Yangzijiang Testing Channel Resistance on Weekly Chart

Testing of dual resistance of blue channel in progress. A move into the upper channel region will meet the 50% Fibonacci Retracement resistance followed by the green resistance belt. If further buying interest continues a retest of 61.8% Fibonacci Retracement resistance is imminent.

However if the upper channel resistance cannot be overcome then expect a pullback to 1.40 and the lower blue channel support if there is further weakness.

DJIA Enters Confluence Region

DJIA has crossed the 11000 milestone and has just enter the confluence region indicated by the orange box. This orange box is similar to the lavender box which enclosed the congestion period around late June 2008 to late September 2008. Within this orange box are 2 probable resistances :-

1. The measured move projection of the inverted head and shoulder breakout as shown by the red dotted line.

2. The 61.8% Fibonacci Retracement taken from the Oct 2007 all time high to the low on March 2009.

Stay alert as probable reversal may be triggered within this confluence zone.

Cosco Testing Ichimoku Kumo Support on 30 mins chart

5 April 2010
Broke out above 1.27 and began a fantastic run up to 1.85

8 April 2010
Pulled back to 50SMA and 50EMA supports.

9 April 2010
Gapped up on opening from previous day close. Almost touched Ichimoku Kumo support and an amazing rebound propelled price towards 1.85

15 April 2010
Early morning trades established 1.85 peak. Pierced 50SMA and Ichimoku Kumo support but managed to close above both the 50SMA, 50EMA and the storm clouds.

A breach of these 3 supports and the gap support at 1.73 will see further weakness. A breakdown below the red channel will retest the next support zone at 1.67 to 1.65

However a successful rebound from the Ichimoku Kumo support will meet resistance at the upper trendline of the red channel. Any further upthrust must challenge the 1.85 peak convincingly.

Noble Doji Testing Triple Support

Doji testing triple support comprising of :

1. Ichimoku Kumo Cloud

2. Lavender support band

3. Green channel support

A successful rebound here will propel price back into the red channel and retest 20SMA resistance followed by blue resistance zone. Further upthrust may result in a potential triple top.

However, if the doji rebound fails then an imminent drop to 100EMA is inevitable. Strong support at the orange support band must prevail to arrest further decline. Support failure near the 3.00 milestone will probably plummet price to retest the green and pink support regions.

Raffles Education Dragonfly Ready to Fly ?

Dragonfly resting after rebound from green support band and blue channel support. Immediate support is the dotted lower red channel boundary followed by the blue support belt. If buying interest continues there is a high probability of testing the median line of the blue channel. A strong breakout above this median resistance line may propel price towards the upper boundary of the blue channel. Use the coloured bands as potential support and resistance zones.

Yanlord Testing Double Resistance Zone

Testing of double resistance formations

1. Dual upper resistance boundaries of green channel

2. Blue resistance band

Breakout above these 2 resistances will test the dual central resistance band of the red channel and challenge the pink resistance zone. If buying continues above this pink zone expect probable resistances at the colour bands indicated on the chart.

However, if the Big Bulls cannot clear the blue immediate resistance band a pullback towards the light blue support band is imminent.

Noble Testing Gap Resistance Zone

Kudos to those who bought at the confluence support zone. The rebound from the 100EMA support is now being tested at the light blue gap resistance band. A breakout above the gap resistance band will meet more resistance within the red dual trendline region. A successful upthrust here will probably see a retest of the previous peak formed on 17 March 2010.

However, failure to clear the light blue gap resistance will result in a pullback to the 3.15 to 3.14 immediate support belt. Further weakness will retest the 3.08 to 3.07 gap support band and retest the major confluence support zone again.

Noble Testing Major Support Confluence Zone

Falling lower and lower since 17 March 2010 peak. Gap down and more declines. Now testing critical support confluence zone consisting of the following supports :-

1. 100 EMA

2. Ichimoku Kumo Cloud

3. Lower boundary support of green channel

4. Orange support band

If this support confluence region is unable to halt further price decline the next probable supports are as follows :-

1. Green support belt

2. 145 EMA

3. Pink support zone

4. Trough at 2.64 which is the breakpoint reference for the double top pattern indicated by the grey oval shaded area on the chart. Support failure here confirms the double top formation.

However, if the testing of the current confluence support zone results in a rebound expect major resistance at the light blue gap region.