Genting Betting on 200 SMA Resistance Band

The bulls lost 3 times in the past as indicated by the red down arrows when they played against the 200 SMA resistance band. Another bull attack is imminent on this bear fortification. Victory here will advance the bull march towards the triple bear resistance defence lines from 1.10 to 1.18 and challenge the 1.20 milestone.

If history is repeated and the 200 SMA band continues to stand then a fall towards 95 will be inevitable. Further weakness will test the 91 to 88 support zone. Major base support is at 85 to 83 and support failure here may see a drop towards 80 and 75 support zone.

DJIA Must Clear and Stay Above 200 Moving Averages To Sustain Rally

The candlestick reversal pair consisting if a hammer followed by an inverted hammer has been confirmed by a bullish marubozu candlestick bar. This rally can only be sustained if the DJIA breaks above and remain above the 200EMA and 200SMA. High chance of challenging the green resistance of the potential diamond pattern if this rally is maintained.

Stay alert and monitor the critical red support of this potential diamond formation. Support failure here will confirm the bearish diamond top and will probably result in a long term bear market.

Yangzijiang Positive MACD Histogram Divergence

Potential breakout above the 1.28 to 1.30 immediate resistance zone is imminent according to the positive MACD histogram divergence pattern. Upside surge will probably move within the green channel and head towards the next resistance zone at 1.35 to 1.36 followed by a challenge of the dashed orange mid channel trendline.

Conversely, should there be any shocking news the breakdown below the 1.20 immediate support will retest the lower support of the blue channel. Support failure here will probably result in a downward fall toward the 1.13 to 1.12 support zone.

DJIA Potential Hammer Reversal Candlestick Pattern

The potential diamond top formation was not confirmed as DJIA closed above the critical red bold support line. A potential hammer reversal candlestick has formed and this may mark the beginning of a new uptrend. A similiar hammer was formed on 5 Feb 2010 as indicated by the light green arrow.

This new potential hammer needs to be confirm with a bullish candlestick bar. It needs to clear both the 200 moving averages to regain its bull status. A breakout above the 200 moving averages will probably challenge the green resistance of the potential diamond pattern.

Metastock Turtle Trader Hybrid Exploration as at 25 May 2010

As expected all shorts with only 2 longs not on the this list because their traded volume were too low. This is only the first page of a 5 page Metastock exploration result using the famous turtle trading system developed by Richard Dennis. This system is available as part of the Metastock 11 charting software. Free trial available at www.metastock.com/tacttrial

DJIA Flaccid Unable To Clear 200EMA

High chance of diamond top confirmation if the close is below the red bold support of the potential diamond pattern. A low near the 127.2% Fibonacci level will not shock me personally. A move below this level will be interesting and exciting. More important is the closing. Above or below the red bold support of the potential diamond pattern. Take note of the amplitude of any technical rebound as it will provide clues of market directions for the next few days.

The optimist sees opportunity in every danger; the pessimist sees danger in every opportunity. Happy charting and profitable trading.

Z-obee Confirms Inverted Cup and Handle Formation

Kudos to those who heeded the warning posted on 21 May 2010. Congratulations to the seasoned and braveheart traders that shorted. Next support is probably 36 followed by measured move target of 34. Immediate short term resistance is 38.

Stocks Near the Bulls and Bears Border

As the market continues to move down more stocks are testing the 200SMA bulls and bears boundary. Posted above is part of the Metastock exploration result indicating potential bearish stocks sorted by top volume. Potential shorts for those who have CFD trading accounts. Seasoned and braveheart traders may try short term technical rebound trades.

Yangzijiang Early Advance Reverses At Close

Just like a double edged sword the blue dashed dual trendlines cuts in both directions. Above this dual trendlines it acts as support but once price falls below it the other edge acts as a resistance. Early bulls who did not take profits were slaughtered by this sword as the market closed below the opening price and now sits at the light green immediate support band.

Besides the blue dual trendline resistance acting as a butchering knife other resistances include

1. Ichimoku Kumo

2. 20 SMA

3. Pink resistance zone

4. Dark green resistance belt

Take note that support failure of the light green band will see this Yangzijiang ship heading for rough seas and will challenge the following supports

1. Orange zone

2. Light blue support area

3. 200 EMA

4. $1 mark

Wilmar Key Support and Resistance Levels

Currently trading in a range between the green immediate resistance band and the lavender immediate support band. Any upward surge will need to breakout above the major pink resistance zone followed by the filling of the huge gap before meeting the light blue gap resistance belt.

This new bear counter must now redeem itself by challenging both the 200SMA and 200EMA. The ability of rejoin the bulls maybe short live if the Ichimoku Kumo bear grip blocks further upward move.

Take note that any weakness will result in a breakdown below the lavender immediate support band and retest the orange support band. Support failure here will probably trigger a bear raid towards the $5 milestone.

Genting Hammer Variant Testing Neckline Channel

The powerful Ichimuko Kumo bear grip has forced price to fall from the top of the cloud until the bottom of this storm kumo.Once again the neckline channel of the complex head and shoulders pattern is being tested. Immediate resistance at 93 must be overcome to advance to the 95 milestone. Major resistance is the green former support turned resistance zone.

If weakness returns then a drop into the red neckline channel will be inevitable followed by a test of orange support band. Major support is the lavender support base.

Yanlord Falling Towards Major Support

Doji candlestick has broken the lower red channel immediate support. Orange bull support zone preparing for high probability bear attack. Support failure here will move bull defences to the lower supports of the blue, lavender and green channels.
Stay alert as bears continue their downward march.

DJIA Closed Below Critical 200 Moving Averages

DJIA closed below both the 200SMA and 200EMA. Since July 2009, bulls have been using these critical moving averages as support guides and this weak closing signals potential further bearish falls. A breakdown below the red dotted trendline will retest the red bold support of the potential diamond top formation.

Take note that any technical rebound may meeting resistances at 200SMA and 200EMA. Any unexpected upward surge will probably be halted at the green resistance of the potential diamond pattern.

Z-obee Potential Inverted Cup and Handle Formation

Immediate support at 44 is critical trigger that will confirm the bearish cup and handle pattern. A breakdown below this major support will probably result in an initial drop to the 40 support level. Further weakness will fulfill a measured move projection as indicated by the red arrows and will see a test of 34 support. Stay alert and be nimble as market continues its wild volatility swings.

200 Weeks Simple Moving Average 2% Band List

Metastock exploration for SGX stocks near the 200SMA weekly support and resistance band. A move above this band means more upside is expected for potential long trades. However, a breakdown below this band will probably see more declines and be potential shorts.

Genting Betting on 200 Moving Averages

Bears are using the red 200SMA resistance as a defensive barrier to keep the Bulls from advancing further up. A breakout above this resistance will probably propel price upwards within the blue channel.

Bulls have established support at the blue 200EMA. A breakdown here will probably see a drop and downward slide within the red channel.

Time is running out for contra and margin players. Stay alert and be nimble as show hand time approaches.

Noble Testing Major Support Zone

Major support zone is being tested. This support zone consists of

1. 200SMA

2. Red dual support channel

3. Lavender support band

4. 200EMA

Support failure here will result in a retest of the green support band and if further weakness persists a downward slide within the blue channel is expected.

Take note that any rebound from this major support confluence zone will need to clear the upper resistance of the blue channel and strong resistances are imminent at the orange resistance belt and the Ichimoku Kumo Resistance Cloud.

Sinotel Weekly Chart Channel Testing

Green channel support will be tested and support failure here will see a drop into the orange confluence support box region. A successful rebound from the lower green channel support will meet strong resistance at the 45 milestone. Upward moves will probably be restricted by the upper resistance of the blue, green and red channels.

Stay alert and be nimble as current market condition continues to exert downward pressure.

Genting Ichimoku Kumo Resistance Testing in Progress

The breakout above the green band has confirmed the double bottom pattern formed at the lavender base support zone. A measured move projection calculation has established the dark orange band as the target price of this double bottom breakout. This can only be achieve if price can overcome the bear grip of the Ichimoku Kumo Resistance followed by the dual resistance lines of the red channel and the dark blue resistance zone.

Take note that if the major support formed by the green band and the 100EMA fails a retest of the beige, light blue and lavender support is imminent.

Noble Testing Triple Resistance

Blue 200SMA and lower green channel support rebound currently facing triple resistances

1. Upper red channel resistance

2. Upper green channel resistance

3. Lower boundary of Ichimoku Kumo

A successful breakout above these resistances will probably meet further resistances at the upper boundary of the Ichimoku Kumo followed by the 3.30 gap resistance.

Take note that failure to clear the current triple resistances may result in a pullback towards the 200SMA and the lower green channel support. If weakness persists then there is a high chance that price will trade within the downward red channel.

Metastock Turtle Trader Hybrid Exploration as at 12 May 2010

Turtle Trader (Hybrid) System is one of the 5 NEW Name Brand Systems that is part of Metastock 11 End of Day Version. Turtle Trader (Hybrid) System is based on the well-known and widely published Turtle System, this system generates buy signals when the price moves above the highest high of the last 20 days. Short signals are generated when the price moves below the lowest low of the last 20 days. Positions are closed when prices reach the extremes of the previous 10 days.

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.

Yanlord Potential Inverted Cup and Handle Formation

The giant dome structure has transformed into a potential giant inverted cup and handle formation. A breakdown below the blue support zone confirms this bearish pattern and will probably result in a fall towards the orange dotted support line. Further weakness may see a retest of the green dotted support band.

Take note that there may be formation of multiple handles if bullish buying support defends the blue major support zone of this potential inverted cup and handle pattern.

Genting Betting on Major Resistance Zone

22 Feb 2010
1st attempt to clear green major resistance zone

16 Mar 2010 to 22 Mar 2010
2nd attempt with multiple daily bars within the green band

30 Apr 2010
3rd attempt with shooting star candlestick warning of bearish pullback and the additional resistances from 100EMA and the upper red channel resistance

10 May 2010
Testing of triple resistances formed by green resistance band, upper red channel boundary and 100EMA in progress. A strong breakout above this major green resistance barrier will challenge the pink resistance band. If strong follow up buying continues the dark blue resistance barrier may be tested.

However if the bears wins the bet expect a retracement to the following probable supports

1. Pale orange belt

2. Lower red channel support

3. Light blue band

4. Critical lavender base support

DJIA Potential Diamond Top or Diamond Continuation Pattern ?

Expect more wild wide swings between the green and red lines of the potential diamond formation. A breakout above the green resistance line must clear the top apex of the diamond to confirm that it is a continuation pattern and this will see more upward climb of the DJIA.

However if the DJIA is unable to propel above the red 100SMA resistance and the orange dotted horizontal resistance it will probably retest the green 200SMA support followed by the light blue dotted horizontal support and the red support line of the diamond formation. Support failure here will confirm the diamond top and more downward pressure will be imminent.

Yangzijiang Testing Resistance Zone

Rebound from gap support and lower blue channel support facing resistance at pink zone. A strong sustained breakout is needed to clear this resistance band to challenge the following probable resistances

1. Dark green belt

2. Upper resistance of blue channel

3. Lavender band

4. Milestone 1.50

5. Peak marker 1.57

However, if bears regain control a retest of the following probable support is imminent

1. Light blue gird

2. Light green gap support zone

3. Lower blue channel support

4. Orange band

5. Ichimoku Kumo cloud support

Stay alert and be nimble as the market continues to be spooked by the Euro Debt Crisis.

DJIA Weekly Chart Bearish Engulfing Candlestick Formation At Fibonacci 61.8% Retracement

As predicted in my posting on 15 April 2010, the DJIA met resistance at Fibonacci 61.8% Retracement level and a bearish engulfing candlestick pattern was also formed at this confluence region. The light green horizontal support will be tested next if further weakness continues. Support failure here will test the dark blue trendline support. Bears will be victorious if this blue trendline breaks and challenge the next Fibonacci Retracement support at 50% level.

Any unexpected rebound from the current position must take out the 61.8% Fibonacci Retracement followed by the horizontal inverted head and shoulders measured move projection target as indicated by the red dotted horizontal line. Strong resistance is expected inside the orange rectangle confluence zone.

Sinotel Weekly Chart Cup and Handle Pattern

Since IPO this counter has created a giant cup and handle formation. Price has been trading within the dark blue channel which is handle of the cup. The recent breakdown below the upper red channel support will probably see a retest of the lower support of the blue channel if the 45 to 43 support zone fails. Next support will be the 40 milestone followed by the lower boundary of the red channel. Further weakness will probably test the 36 to 34 support area.

However, any successful rebound from the current support zone or the lower handle support may meet resistance at the 50 mark followed by a challenge of the 55 to 56.5 resistance band.