Genting Pitchfork Challenge

With the bullish closing on Friday there will be challenges to the following resistances

1. Median line of Greeen Pitchfork

2. The dual 200 moving averages of both the 200EMA AND 200SMA

3. Red neckline of the compleax head and shoulders chart pattern

4. The upper boundary of the green pitchfork

Immediate support is 88.5 to 88 zone followed by 83.5 and the lower support of the green pitchfork. Since 18th Feb 2010 price has been trading in the lower portion of the green pitchfork. Any strong breakout in either direction will ultimately need to challenge the pitchfork formation and move out of its zone of influence.

Genting Testing 85 Support on 30 mins chart

Another support breaks as Genting continues to plummet lower. The previous support at 86.5 has been demolished and a new support at 85 is being tested. Immediate resistance now is 86.5 and any move up above 86.5 will need to clear the light blue dual trendline resistance followed by the Ichimoku Kumo Storm Clouds.

A breakdown below 85 will challenge the red triple trendline support as shown on the 30 min chart. Stay alert and be nimble if you want to bet on Bear Casino Island Resort.

Z-Obee Double Doji Testing Support Zone

Market waiting for Big Bulls and Big Bears to take action. Doji indicates Bulls and Bears in equilibrium. Watch the breakout direction and probable support and resistance zones.


For upward bull breakout expect the following high probability bear resistances at

1. Immediate resistance at 37.5

2. Light blue resistance zone

3. Red horizontal resistance of ascending triangle

4. Upper green channel resistance boundary


For a bearish breakdown the bulls will stage high probability support at

1. Immediate support of the upper boundary of the dark blue channel

2. Green support zone

3. Lower boundary of green support channel

4. Sloping trendline support of red ascending triangle

5. Pink support zone

6. Ichimoku kumo cloud support

7. Lower dark blue channel support boundary


Stay alert for a big bear or big bull breakout from this double doji formation.

Genting 88 Support Turned to Resistance on 30 min chart

Another support at 88 cents has been taken out and has transformed itself into a resistance line. More bears invading this casino island resort. Any breakout above 88 will most probably be halted by the green dual resistance trendlines and the dark storm clouds of the Ichimoku Kumo. Immediate support 86.5 with a high chance of testing the pink dual trendlines support. Further weakness will plummet price to the blue dual trendlines support.

Yanlord Inverted Head and Shoulders Confirmation

Breakout above the neckline resistance zone 1.82 to 1.80 confirmed the reverse head and shoulders pattern. Strong buying has powered the rapid flight of price towards the target price zone of 1.95 to 2.00 and expect profit taking at this region.

Pullback towards 1.91 to 1.89 support zone expected if buying interest wanes and further weakness may see a retest of 1.87 to 1.85 support zone. Major support is the former neckline resistance turned support zone as seen on the hourly chart.

Z-Obee Potential Double Top or Potential Ascending Triangle

Tested and pullback from the high of the previous peak thus setting a potential double top chart pattern in the process. At the same tine on closer examination there is also a potential ascending triangle as shown in red. This ascending triangle formation will be invalid if price breaks down below the sloping support of the triangle. A breakout above the red horizontal resistance will confirm the ascending triangle.

The potential double top formation will be confirm only if there is a breakdown below the pink support zone and will be invalid if price manages to clear the red horizontal resistance line.

List of SGX Counters Hovering Near 200 SMA as at 26th Feb 2010

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.

You should add this moving averages to all of your charts in all time frames. Yes. weekly charts, daily charts, and intraday (5 min,30 min, 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.

When writing scans for stocks, you can use this as an additional filter to find potential long setups that are above this line and potential short setups that are below this line.

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