Olam 270209

I have said on 25 feb that we might see a bit of rebound for Olam when it hits the 1.17 support (pink ...). Olam opened at 1.21 on 26 feb, tested the 1.17 support before closing again at 1.21. Olam opened right on the 1.17 support today before recovering to close above the 1.22 resistance (pink --). If you had traded within this range, you would have made some kopi money, congrats.

However, it is still too early to say if Olam's fortunes have turned as it has yet to test the double top neckline of 1.30 (lightblue ...). Olam might also meet some strong resistance at the 1.25/1.26 levels.

Nonetheless, if Olam continues to trade within the uptrend channel (blue), it's also an opportunity to make some kopi money.


For monday :

Support @ 1.22 (pink --), 1.20, 1.17 (low blue, pink ...), 1.15 (blue --), 1.12 (low red)
Resistance @ 1.25 (upp blue, green --), 1.27 (mid red), 1.28 (red --), 1.30 (lightblue ...), 1.32

Noble Group 270209

Action for Noble group came earlier than expected when it broke the 1.08 resistance (pink --) on 26 feb. Volume done on that day was almost double the previous day's. However, Noble Group has yet to test the uptrend resistance (mid blue).

Moreover, there wasn't much momentum for Noble Group today as it opened above the 1.08 neckline and closed right on it. Most trades were done at the 1.07/1.08 prices with just slightly more being selldowns.

Interestingly, while about 20m were done in about 700 trades in the 1.07/1.08 price range, only 13 trades were done in the 1.09 price, amounting to almost 4m shares, and none were selldowns.

The 1.04 support remains crucial for Noble Group. If it can maintain trading above this support, as well as the downtrend support (mid red), we could see Noble Group attempt to test the uptrend resistance (mid blue) and downtrend resistance (upp red) soon.

If the 1.04 support breaks, we could see Noble Group re-visit the 0.995 support, the downs of Noble Group is usually swift.


For monday:

Support @ 1.05 (mid red), 1.04 (green --), 1.03 (low blue), 1.02 (red ...), 0.995 (blue ...), 0.965 (green --), 0.945 (low red)

Resistance @ 1.11 (mid blue), 1.14 (upp red), 1.17 (upp blue), 1.18 (blue --)

Cosco 270209

Two days after my analysis (24 feb) on Cosco, it went on to test the 0.755 support (green --). If you had followed my blog, you'd have made some money shorting Cosco. And if you had waited just 2 more days (which is today), you'd have made even more as Cosco closed right on the 0.720 support (red ...).

Cosco continues to trade within the 2 downtrend channels (pink, red). If Cosco breaks the 0.720 support (red ...) we could see Cosco head towards the 0.670 level (pink --), which is where the long term downtrend resistance (upp pink) meets the downtrend support (low red). And this level is also where Cosco formed the double bottom back oct and nov last year.

Near term support looks to be at around 0.700 (low red).


For monday:

Support @ 0.711 (mid red), 0.695 (low red), 0.670 (low pink, pink --)
Resistance @ 0.755 (upp pink, green --), 0.775 (lightblue --), 0.790 (blue ...), 0.815 (red --)

China Hongx 270209

Third time China Hongxing tested the 0.105 level (green --) since 24 feb. Volume has also been decreasing since. Most of the trades were done at the 0.110 level (46m with 20m selldown and 26m buying up).

We could be looking at China Hongxing trading between the 0.105 support (green --) and 0.115 resistance (pink ...) for the near term. It could be some time before we see can see any chance of a recovery for China Hongxing.


For monday:

Support @ 0.105 (green --), 0.100 (upp red), 0.085 (mid red)
Resistance @ 0.115 (pink ...), 0.130 (low pink), 0.145 (pink --), 0.160 (upp pink, blue ...)

Semb Marine 250209

Sembcorp Marine broke out from the downtrend resistance (upp red) with volume today. It ran smacked into the 1.48 resistance (blue --) before closing at 1.46, which coincidentally is the opening price on 18 and 20 feb.

If Sembcorp Marine manages to break the 1.48 resistance (blue --), we could see it 1.55 neckline (red ...). A bigger resistance looms at 1.61 (green --).


For tomorrow :

Support @ 1.41 (upp red, red --), 1.36 (low blue), 1.26 (low red)
Resistance @ 1.48 (blue --), 1.52 (upp blue), 1.55 (red ...), 1.61 (green --),

Olam 250209

Olam is another one of those that formed a double top (think i've lost count already). The 2 tops are on 5/6 jan (high of 1.49) and 12 feb (high of 1.51).

Neckline for the double top looks to be at the 1.30 level (lightblue ....). This would give us a support for the double top at about 1.09-1.10 (red ...), which is the low Olam hit on 9 and 24 dec.

Right now, Olam just about managed to stay above the uptrend support (low blue). If Olam manages to rebound, we could see Olam testing the 1.17 support (pink ...) first, before it rebounds. If this happens, we could see Olam test the 1.30 (lightblue ...) double top neckline again.

However, if the 1.17 support breaks, we could see Olam head eventually for the double top support of 1.09 - 1.10 (red ...).


For tomorrow :

Support @ 1.20 (low blue), 1.17 (pink ...), 1.15 (blue --), 1.143 (low red), 1.09-1.10 (red ...)
Resistance @ 1.22 (pink --), 1.25 (green --), 1.27 (upp blue), 1.28 (red --), 1.29 (mid red), 1.30 (lightblue ...)

Noble Group 250209

Noble Group formed a double top on 7 jan (high of 1.26) and 12 feb (high of 1.25). Neckline for the double top looks to be at the 1.08 level (pink --), so that would give us a support from the double top to be about 90 cents.

Right now, Noble Group looks to be hanging on to the 0.995 support (blue...), which is quite a good support, and the volume bar shows too. Although its lows are higher, volume has been dropping over the past 3 days.

We could see Noble Group continue to trade within the downtrend resistance (mid red) and uptrend support (low blue) until some time next week when we could see some action for Noble Group as the downtrend resistance (mid red) meets the uptrend support (low blue) at the 1.04 neckline (green ....).


For tomorrow :

Support @ 1.02 (low blue, red ...), 0.995 (blue ...), 0.965 (low red, green --), 0.935 (red --)
Resistance @ 1.04 (green ...), 1.07 (mid red), 1.08 (pink --), 1.095 (midblue), 1.11, 1.15 (upp blue)

Indofood Agri 250209

Ever since breaking the 0.525 support (red --) on 20 feb, Indofood Agri has now tested the 0.505 support (pink ...) twice, barely trading within the uptrend support (low green).

As I've mentioned on 20 feb, the 0.505 support looks good for the time being. However, I do not know how long this support will hold. We could see some action soon, as the uptrend support catches up with the 0.505 support.

If the 0.505 support breaks, we could see Indofood Agri test the 0.495 support (green ...) first, then 0.485, which is the low on 23/24 dec, before Indofood Agri broke out and went on a surging run to 0.670.


For tomorrow :

Support @ 0.505 (low green, pink ...), 0.495 (green ...) , 0.485 (mid red), 0.470 (lightblue --), 0.460 (blue ...)
Resistance @ 0.525 (mid green, red --), 0.535, 0.545 (pink --), 0.550 (upp green), 0.560 (upp red), 0.565 (green --)

Cosco 240209

Nothing much has changed for Cosco. Just updated the uptrend support trendlines. Cosco is still hanging on to the uptrend support (low blue) some how but I can sense that we should be seeing some action real soon.

AS you can see from the chart, the downtrend resistance (upp pink) meets the uptrend support (low blue) at the 0.775 neckline (lightblue --). If Cosco still does not break out from there, we could be looking at Cosco testing the 0.755 support (green --), or even the 0.720 support (red ...).

If Cosco does indeed break out, we could be looking at least for Cosco to test the 0.815 resistance (red --), and maybe a small probability of testing the 0.835 resistance (green ...).


For tomorrow :

Support @ 0.770 (low blue), 0.765 (mid red), 0.755 (green --), 0.720 (low red, red ...), 0.705 (low pink)

Resistance @ 0.775 (lightblue --), 0.790 (blue ...), 0.793 (upp pink), 0.805 (upp blue), 0.815 (red --), 0.835 (green ...)

China Hongx 240209

The last time China Hongxing hit past the 200m volume was way back on 13 apr 2007. when it was still trading in the 70+ cents level. Now, it's in danger of falling below the 10 cents level. What a difference a week makes!

If it's any consolation, most of the volume was done at the 0.115 level (31m selldown, 42m buy up). I guess it's going to be very difficult for China Hongxing to even return to the 0.160 level (blue ...), which is from where it started free-falling.


For tomorrow :

Support @ 0.115 (pink ...), 0.105 (upp red), 0.09 (mid red), 0.075 (low red)
Resistance @ 0.135 (low pink), 0.145 (pink --), 0.160 (blue ...)

Indofood Agri 200209

Indofoor Agri formed a double top on 7 jan and 10 feb. The neckline for this double top could be at 0.575 (red ...). What this means is that we could potentially see Indofood Agri a low of (0.670 - 0.570 = 0.10) 0.470 (lightblue --), which is where Indofood Agri broke out on 9 dec.

Indofood Agri broke the 0.575 neckline on 17 feb, and you can see it's fall was fast. Within 3 days, Indofood Agri hit the 0.525 support (red --). If this support breaks, the next support for Indofood Agri would be at 0.505 (pink ...) which is quite strong, based on the volume support bar.

However, if the 0.505 support breaks as well, I believe the fall would be swift and we would probably see Indofood Agri test the 0.470 (lightblue--) bottom within days.

Any rebound would probably be limited to the 0.560 level, which is where the uptrend support (low green) meets the downtrend resistance (upp red).


For monday :

Support @ 0.515, 0.505 (low red, pink ...), 0.495 (green ...), 0.470 (lightblue --)
Resistance @ 0.545 (pink --), 0.550 (low green), 0.565 (green --), 0.575 (red ...), 0.580 (upp red)

Cosco 200209

Cosco ended the week still trading within the long term downtrend channel (pink). Cosco also tested the 0.775 support (lightblue --) before recovering to close right on the short term downtrend support (mid red).

The last time Cosco traded below the 0.800 level was end jan, before it embarked on a short run up to hit the 90s. The 0.775 support could be crucial as it was also from this level that Cosco broke out on 3 dec and went on a spring to 1.17 on 11 dec.

If the 0.775 support (lightblue --) breaks, we could see Cosco heading for the 0.720 support (red ...), which is also where the long term downtrend support (low pink) meets the short term downtrend support (low red).

Any rebound would be weak and limited to the 0.805 level, where the long term downtrend resistance (upp pink) meets the uptrend support (low blue).


For monday :

Support @ 0.780 (mid red), 0.775 (lightblue --), 0.755 (green --), 0.730 (low pink, low red), 0.720 (red ...)
Resistance @ 0.790 (blue ...), 0.805 (low blue), 0.815 (red --), 0.820 (upp pink), 0.835 (green ...), 0.845 (lightblue ...)

China Hongx 200209

After trading sideways since end jan, China Hongxing finally broke the uptrend support (low blue) on 16 feb with volume (16m). The next day (17 feb) saw China Hongxing breaking the 0.180 support (lightblue ...) with even more volume (35.7m).

The last time China Hongxing hit the 0.155 level was back in oct last year. It tested the 0.155 level for 3 days before going on a spectacular surge towards the 0.260 level. I doubt we will see a repeat of such a climb for China Hongxing this time.


For monday :

Support @ 0.153 (mid pink), 0.140 (low pink)
Resistance @ 0.171 (upp pink), 0.180 (lightblue ...)

SPC 180209

SPC forming a double-top?

If SPC doesn't break the 2.74 resistance (red --) or the downtrend resistance (upp red) soon, we could see it re-visiting the 2.57 support (green --).

But if SPC breaks the 2.80 uptrend resistance (upp blue) as well, we could see it testing the 3.00 mark.


For tomorrow :

Support @ 2.67, 2.63 (pink --), 2.61 (low blue), 2.57 (mid red, green --), 2.50 (green ...)Resistance @ 2.72 (upp red), 2.74 (red --), 2.795 (upp blue), 3.01

Wilmar 180209

Wilmar just about stayed in the uptrend channel (blue) after testing the uptrend support (low blue), before recovering to close above the 2.92 neckline (pink --). Wilmar also came pretty close to testing the 2.80 support (red --).

Wilmar formed a double top on 6 jan and 9 feb. It would be interesting to see if Wilmar can stay above the 2.92 support (pink --) as you can see from the volume chart, the 2.92 support is quite strong. So for Wilmar to open below the 2.92 level but close above it, we could be looking at the beginning of a trend reversal.

For that to happen, Wilmar has to at least stay above the 2.80 support (red --) and continue to trade within the uptrend channel (blue). If this happens, we could see some action later this week or early next, when the downtrend resistance (upp red) meets the uptrend resistance (upp blue) at the 3.02 neckline (blue --).

However, if Wilmar breaks the 2.80 support (red --), we could see it test at least the 2.73 support (pink ...), which is also where the downtrend support (low red) meets.


For tomorrow :

Support @ 2.92 (pink --), 2.87 (red ...), 2.83 (low blue), 2.80 (red --), 2.75 (low red), 2.73 (pink ...)
Resistance @ 2.98 (upp blue), 3.02 (blue --), 3.07 (upp red, blue ...), 3.11 (green ...)

Yangzijiang 180209

Have not been charting Yangzijiang for quite some time now. After forming a double-top on 11 dec and 7 jan, Yangzijiang broke the 0.475 neckline (blue --) and tumbled to a low of 0.415 on 3 feb.

Afterwhich, Yangzijiang failed to break the 0.475 neckline before dipping again, almost testing the 0.420 support (green --) today, before closing right on the 0.440 neckline (red ...).

You can see from the chart that the uptrend support (low blue) meets the 1st downtrend support (mid red) at around the 0.425 level. Therefore, the 0.425 level would be a crucial support.

If this support breaks, we could see Yangzijiang heading for the 0.405 support (green ...). Any upside would be limited to the 0.455 resistance (pink ...).


For tomorrow :

Support @ 0.430 (red --), 0.427 (mid red, low blue), 0.420 (green --), 0.413 (low red), 0.405 (green ...)
Resistance @ 0.440 (red ...), 0.455 (mid blue, pink ...), 0.460, 0.465 (upp blue), 0.475 (blue --)

Indofood Agri 090209

After breaking through several resistances last friday, Indofood Agri closed just above the 0.610 support and 2nd uptrend support (mid green). Volume done today was less then half of last friday's.

If Indofood Agri can hold onto the 0.610 support, or better still, stay above the uptrend support (mid green), we could be looking at the 0.650 resistance as the next target.

However, if the 0.610 support breaks, the next support would most likely be at 0.595 (blue --).


For tomorrow :

Support @ 0.615 (mid green), 0.610 (green ...), (blue --), 0.575 (red ...), 0.570 (low green), 0.565 (green --)
Resistance @ 0.620 (blue ...), 0.625 (pink ...), 0.630 (upp red), 0.640, 0.650(upp green)

Cosco 090209

After breaking the downtrend resistance (upp red) on 4 feb, Cosco went on to break the 0.845 resistance (lightblue ...) 2 days later on 6 feb.

Cosco even opened above the 0.875 resistance (blue --) today, but the uptrend momentum could not be sustained, and it retreated to close just above the 0.845 resistance turned support (lightblue ...). Volume has also been dropping over the last 2 days of trading.

As you can see from the chart, Cosco has quite good volume support at the 0.845 (lightblue ...) and 0.835 (green ...) levels. We could see some profit taking this week, with Cosco trading between the downtrend resistance (upp pink) and the 0.845 and 0.835 supports.

If these 2 supports can hold, we could see Cosco testing the 0.875 resistance (blue --) again soon.

However, if these 2 supports break, we could see Cosco head towards the 0.815 support (red --), or even the 0.790 support (blue ...).


For tomorrow :

Support @ 0.845 (lightblue ...), 0.835 (green ...), 0.815 (red --), 0.790 (blue ...), 0.7835 (low pink, low blue), 0.765 (lightblue --)

Resistance @ 0.870 (upp pink), 0.875 (blue --), 0.8935 (upp blue), 0.925

China Hongx 090209

China Hongxing has been trading sideways between 0.195 (red --) and 0.185 (red ...) for the past 2 weeks.

We could be looking at some action for China Hongxing soon as the downtrend resistance (upp pink) meets with the uptrend support (low blue) at about the 0.185 level (red ...).

If China Hongxing is still unable to break out by then, we could see it testing the 0.180 soon, or even breaking it.


For tomorrow :

Support @ 0.190 (upp pink, lightblue --), 0.185 (low blue, red ...), 0.180 (lightblue ...)
Resistance @ 0.190 (lightblue --), 0.195 (upp blue, red --), 0.200 (blue --), 0.205 (green --)