Z-Obee Testing Symmetrical Triangle Resistance

Major upper red channel resistance being tested. This is the resistance line for the symmetrical triangle formation. Breakout above this immediate resistance will meet next resistance at 37.5 followed by the light blue resistance zone. However, a pullback below the current green support zone will retest the lower blue channel support which is also the symmetrical triangle support. Support failure here will force price downwards towards the pink support zone and challenge the lower red channel support.

Yangzijiang Potential Complex Head and Shoulders Formation

A potential right shoulder of a complex head and shoulders chart pattern is being formed. Breakdown below the red neckline support confirms this formation. Neckline support failure will see retest of 90 cent support zone. This potential complex head and shoulders pattern will be invalid if price swings above 1.20 and if it continues to move up there is a high chance of a triple top formation.

Capitaland Potential Diamond Formation

Potential diamond chart pattern has formed on daily chart as at 3.38 pm based on live data updates. A continuation diamond pattern is considered a bearish signal, indicating that the current downtrend may continue. Stay alert and be nimble as a breakdown below the diamond trough may see a drop towards 3.30 support region.

Genting Due Dates for High Volume Trades Approaches

The due dates for the high volume traded on 18th Feb and 19th Feb 2010 approaches and the real test of support will be known soon. If the buying interest is real there will not be margin calls and force selling. The median line of the red pitchfork has been checking the price movement and any upward breakout here will see resistance at the upper boundary of this pitchfork. Conversely, if force selling should happen a retest of the 90 cent doji low support is expected followed by a challenge of the lower boundary of the red pitchfork. Take note of probable supports as indicated by the blue dotted lines. Be nimble and stay alert the moment of truth cometh.

CapMallsAsia Doji Moves Out of Down Channel

From the volume distribution chart the Big Boys sold in late afternoon trading. The doji candlestick signals an indecisive market sentiment and warns of a probable stall in upward move from the green channel. Immediate resistance expected at 2.30 followed by 23.6% Fibonacci retracement level. Observe the price movement as it approaches each Fibonacci retracement level as they are high probable resistance and support levels.

Being a new stock with limited trading history the use of Fibonacci projection helps predict probable support levels below the 1.19 immediate support. Breakdown from this critical support may see a test of the projected Fibonacci levels plotted on the chart. Stay alert and be nimble in case important US economic data rocks or shocks the market.

Yanlord Potential Inverted Head and Shoulders Formation

A potential inverted head and shoulders pattern is forming on the hourly chart. A breakout above 1.82 will confirm this formation. If this happens expect more upward moves towards the 1.95 to 2.00 region. However this potential reverse head and shoulders formation will most probably be invalid if a breakdown below 1.65 occurs. Support failure here means a high chance of a retest of 1.55 recent low.

Genting Doji Below 200 SMA

After testing the pink support Genting closed with an indecisive doji candlestick. Further upward movement will be restricted by the following potential resistances :

1. 200 SMA

2. 200 EMA

3. Green Pitchfork Median Line

4. Neckline Support turned resistance line

5. Upper resistance boundary of the green pitchfork

With the release of grim news after the market closed that Genting posted a full-year net loss of $277.6 million, more than double the $124.8 million in 2008 and that revenue fell 22 per cent to $491. 2 million there is a high chance of a retest of the immediate pink support.

A breakdown below the 90 cents will result in a test of the following probable supports :

1. Lower green support boundary of the green pitchfork

2. Purple support line

3. Pale green support line

4. Complex head and shoulders measured move projection support at around 70 cents

Stay alert and be nimble if you need to take a bet on this bear casino.