BakerTech 300908

After faling to break the 0.150 resistance (green --) on 22 sep, Baker Tech is currently trading sideways between the 0.135 resistance (pink ...) and 0.120 support (pink --). However, BakerTech is still within the 2 downtrend channels.

Unless Baker Tech breaks the 0.135 resistance soon, we could see it continue to trade within the downtrend channel, and test the 0.100 level eventually.



For thursday :

Support @ 0.120 (pink --), 0.115 (low red), 0.1108 (mid pink), 0.862 (low pink)
Resistance @ 0.1306 (upp pink), 0.135 (pink ...), 0.137 (mid red), 0.150 (green --)

BakerTech 190908

After breaking the 0.160 neckline (pink --) on 12 sep, Baker Tech went into a free fall, hitting the long term downtrend support (low red) and downtrend support (low pink) yesterday, 18 sep.

Things took a dramatic turn today, when BakerTech opened right on the 1st downtrend resistance (mid pink), before rallying to close above the long term downtrend resistance (mid red) and downtrend resistance (upp pink).

Would Baker Tech be able to continue its rally and recover above the 0.160 neckline (pink --)? That would depend on whether BakerTech can maintain trading above the long term downtrend support (mid red) and downtrend support (upp pink).



For monday :

Support @ 0.145 (mid red, upp pink), 0.121 (mid pink), 0.097 (low red), 0.0915 (low pink)
Resistance @ 0.160 (pink --), 0.168 (red --), 0.190 (red ...)

BakerTech 120908

BakerTech tested the 0.160 support (pink --) twice this week, and it even tested the long term downtrend support (low red) today before closing on the 0.160 support.

We could see Baker Tech continue to trade lower within the downtrend channel (pink), and the chances of BakerTech closing below the 0.160 next week is very high if it doesn't break the downtrend resistance (upp pink) soon.



For monday :

Support @ 0.160 (pink --), 0.1516 (mid pink), 0.150 (low red), 0.141 (low pink)
Resistance @ 0.163 (upp pink), 0.175, 0.1815 (upp red), 0.190 (red ...)

BakerTech 050908

Although BakerTech closed above the downtrend resistance (upp pink), it was still trading sideways since 29 aug. Volume for the last few days has been below even the 1k level.

Moreover, Baker Tech is now trading closer and closer to the 0.160 support (pink --). I have a feeling we could see BakerTech hitting 0.160 before there's any chance of a rebound.



For monday :

Support @ 0.165 (upp pink), 0.162 (low red), 0.160 (pink --), 0.155 (low pink)
Resistance @ 0.175, 0.186 (mid red), 0.190 (red ...), 0.195

Marine Sector Research Report

by DBS Group Research (20 Aug)

EARNINGS season in H1 2008 has reinforced positive outlook for rig builders, as well as oil and gas service and equipment suppliers. The rig builders, as well as oil and gas service and equipment players, have to-date delivered collectively stronger than expected H1 2008 report cards, underscoring their ability to ride on the positive sector outlook and protect profit margins despite raw material price concerns and weak US dollar.

Indeed, SGX-listed Singapore yards, and oil and gas service and equipment players' earnings have escaped the concerns earlier in the year unscathed; with new orders holding up, and ironically, US dollar rebounding and raw material price concerns easing recently. The exceptions were SGX-listed Chinese yards' earlier-than-expected dip in profit margins, which we had warned since mid-Q1 2008.

Undiscerning selldown in share prices in line with general market weakness has created buying opportunities. In our opinion, the earnings for most SGX-listed Singapore yards and oil and gas service and equipment suppliers have caught up with their share price valuations since early 2008, and the scenario has now reversed for the current depressed share prices to rebound, underpinned by the firm industry fundamentals and successful business execution.

Easing oil prices are positive for the durability of oil and gas industry up-cycle. We have repeatedly mentioned since last August that too high an oil price may result in demand destruction and harm the orderbook replenishment opportunities of stocks exposed to the booming offshore segment.

While the equity market sees the recent cooling off in crude oil price negatively, we are taking the view that the recent retracement in oil prices is reducing the risk of demand destruction and inflationary pressures. This is positive for more new order wins ahead.

This is also in line with rig builders' and oil and gas service and equipment suppliers' feedback that oil price at US$70 per barrel is a good level for their business outlook.

Sembcorp Marine is our top pick among the yards; with price catalyst coming from a possible record level of order wins this year and improving margins from successful execution of its record order book.

Swiber Holdings and Ezra Holding remain our top picks among the oil and gas service and equipment suppliers, as both companies have strong market positioning to ride on the increasing shift to production phases for offshore oil fields.

-Research Report by DBS Group Research (20 Aug)

BakerTech 220808

BakerTech recovered a little after the Doji formed on 19 aug. However, this rebound could be short-lived as we see Baker Tech still unable to break the 1st long term downtrend resistance (mid red).

BakerTech also seems to have found some temporary support @ the 0.185 level. However, as mentioned previously on 19 aug, we could still see BakerTech testing the 0.160 support (pink --) if the 1st long term downtrend resistance (mid red) is not broken by next week.



For monday :

Support @ 0.185 (pink --), 0.164 (low red)
Resistance 0.1965 (mid red), 0.225 (pink ...), 0.235

BakerTech 190808

The reversal indicator did not materialise, instead, we saw Baker Tech breaking the 1st long term downtrend support (mid red) the day after (16 aug). Although BakerTech formed a Doji today, but I feel this would only be a slight reprieve.

We could be looking at Baker Tech heading eventually for the 0.160 support (pink --) before there's any significant rebound.



For tomorrow :

Support @ 0.180, 0.160 (pink --), 0.159 (low red)
Resistance @ 0.180, 0.200 (mid red), 0.215

BakerTech 140808

The last time BakerTech hit around the 0.205 level was way back in early april 2007. That was when Baker Tech broke out from around the 0.150 level.

After forming the Gravestone Doji on 12 aug, BakerTech gapped down the next day and broke the 1st downtrend support (mid pink) and 1st long term downtrend support (mid red).

Although BakerTech came to within a whisker of testing the 2nd long term downtrend support (low red), it manage to recover and close the day at the opening price, forming a Dragonfly Doji.

As mentioned before, to confirm a trend reversal, we would need Baker Tech to either gap up tomorrow, or at least close higher.

However, if it breaks the long term downtrend support (low red), we may see it heading for the 0.160 support (pink --), which is from where it broke out back in april 2007.



For tomorrow :

Support @ 0.206 (low pink), 0.203 (low red), 0.160 (pink --)
Resistance @ 0.215, 0.222 (mid red), 0.230 (mid pink), 0.235

BakerTech 050808

Since the last time we analyse BakerTech on 17 jul, it continues to trade within the downtrend. However, Baker Tech formed a Bullish Dragonfly Doji today, which usually occurs at the bottom of a trend, or during a downtrend, which is what is happening to BakerTech currently. BakerTech also hit the 0.255 support (red --).

Don't get too excited. We would need a confirmation tomorrow to confirm a trend reversal. Ideally, we would need Baker Tech to gap up and break the downtrend resistance (upp pink). If not, at least close higher than today's closing price (0.260).



For tomorrow :

Support @ 0.255 (red --), 0.2525 (low blue), 0.250 (low pink)
Resistance @ 0.262 (upp pink), 0.267 (upp blue), 0.270 (blue --), 0.280 (upp red, green --)

BakerTech 150708

After breaking out on 11 jul, Baker Tech went on to test the 0.290 resistance (red ...) the following day and volume for that day hit 10m. BakerTech could not maintain its uptrend momentum and closed right on the 0.270 support (blue --).

With 10m done on 14 jul, you can expect many people to be 'trapped' above the 0.280 level (green --). Looking at the chart, Baker Tech seems to have difficulty breaking out of the downtrend channel (pink).

We could see Baker Tech trading sideways, at best, along the 0.270 level (blue --). And if it doesn't break the 0.280 level (green --) soon, or if BakerTech slips below the 0.270 level, we could see it test the downtrend support (mid pink).



For tomorrow :

Support @ 0.270 (blue --), 0.262 (mid pink), 0.255 (low red, red --), 0.253 (low pink)
Resistance @ 0.280 (upp pink, green --), 0.290 (red ...), 0.295 (upp red)

Hope you find my analysis helpful. Thank you for your support !!

BakerTech 110708

After being on the downtrend for about a month, BakerTech finally broke through a few resistances. However, it is still some way off the 0.340 high it hit on 7 may, and there are still a few big hurdles to clear along the way.

If Baker Tech manages to trade at least above the 0.270 level (blue --), we could see it slowly reversing its downtrend.

However, if BakerTech trades below the 0.270 level, it could indicate that today was a false break.



For monday :

Support @ 0.283 (upp pink), 0.280 (green --), 0.270 (blue --), 0.256 (low pink, low red), 0.255 (red --)

Resistance @ 0.290 (red ...), 0.298 (upp red), 0.300 (blue ...), 0.305 (pink ...)

Hope you find my analysis helpful. Thank you for your support !!

BakerTech 040708

BakerTech seems to have found temporary support at the 0.255 level (red --), but it is still trading within the downtrend channel (pink), like it did in mid feb to mid mar.

If the 0.255 support (red --) breaks, Baker Tech would most likely hit the 2008 low of 0.240.



For monday :

Support @ 0.255 (low blue, red --), 0.250 (low pink), 0.240
Resistance @ 0.262 (mid red), 0.270 (upp blue, blue --), 0.272 (upp pink), 0.275 (pink --)

Hope you find my analysis helpful. Thank you for your support !!

BakerTech 010708

We finally saw Baker Tech break the 0.280 support on 30 jul, and BakerTech also tested and closed right on the long term downtrend support(low red). We could be seeing a repeat of the protracted downtrend which started in the middle of feb till middle of mar.

Right now, the next significant support for Baker Tech, based on volume, could be at the 0.255 level (red --). If that also breaks, we would most likely see BakerTech testing the 0.240 low again.



For tomorrow :

Support @ 0.264 (low red), 0.260 (low pink), 0.255 (red --)
Resistance @ 0.270 (blue --), 0.275 (pink --), 0.280 (upp blue, upp pink, green --), 0.290 (red ...)

Hope you find my analysis helpful. Thank you for your support !!

BakerTech 240608

BakerTech today broke the 0.290 support (red ...) and downtrend support (mid pink), and also closed at day low at the 0.280 support (green --).

If Baker Tech breaks the 0.280 support (green --), we could see it testing the 0.270 support (blue --).



For tomorrow :

Support @ 0.280 (green --), 0.277 (low pink), 0.275 (pink --), 0.270 (blue --)
Resistance @ 0.286 (mid pink), 0.290 (red ...), 0.297 (upp blue), 0.300 blue ...)

Hope you find my analysis helpful. Thank you for your support !!

BakerTech 190608

Today is T + 9 since BakerTech surged and hit the 0.325 resistance (red --) on 6 jun. Moreover, Baker Tech formed a Gravestone Doji today too. Would we see a repeat of the pattern of 6 jun?

If Baker Tech breaks the uptrend support, we could see it testing the 0.290 support (red ...), which it did not touch since 15 may. If Bakertech breaks the long term downtrend resistance (red), we could see it testing at least the 0.315 resistance (pink --).



For tomorrow :

Support @ 0.2957 (low blue), 0.292 (low pink), 0.290 (red ...)
Resistance @ 0.300 (blue ...), 0.305 (pink ...), 0.307 (red), 0.310 (upp blue), 0.312 (mid pink), 0.315 (pink --)

Hope you find my analysis helpful. Thank you for your support !!

BakerTech 110608

After hitting the 0.325 resistance (red --) on 6 jun, Baker Tech again failed to build on the uptrend momentum, and has been trading sideways since, and finding temporary support at the 0.305 level (pink ...).

If we were to assume history repeats itself, we could see BakerTech trading sideways at least until next week, when the long term downtrend resistance (red) meets the uptrend support (low blue) at around the 0.307 level, which would be the average number of days (9-12 days) between the high volume days.



For tomorrow :

Support @ 0.305 (pink ...), 0.302 (low blue), 0.300 (blue ...), 0.2975 (low pink), 0.290 (red ...)
Resistance @ 0.313 (red), 0.315 (mid pink, pink --), 0.325 (upp pink, red --), 0.329 (upp blue)

Hope you find my analysis helpful. Thank you !!

BakerTech 060608

After spending almost 2 weeks trading around the 0.305 support line (pink ...), Baker Tech finally broke the downtrend resistance (mid pink), and 0.315 neckline (pink --). BakerTech also broke the uptrend resistance (upp blue).

As usual, Baker Tech could not break the 0.325 resistance (red --) and closed just below it. Will history repeat itself? Or would Baker Tech finally be able to break the 0.325 resistance (red --)?

For BakerTech to have any chance of testing the 0.325 resistance again next week, it would have to continue to trade at least above the 0.315 support (pink --), and/or above the uptrend support (upp blue).



For monday :

Support @ 0.3162 (upp blue), 0.315 (pink --), 0.312 (mid pink), 0.305 (pink ...), 0.3023 (low blue)
Resistance @ 0.325 (red --), 0.3267 (upp pink, low green), 0.330, 0.3388 (upp green), 0.340 (red ...)

Hope you find my analysis helpful. Thank you !!

BakerTech 230508

Another typical trading pattern for Baker Tech today which saw it close right on the downtrend support (mid red) and below the long term downtrend support-turned-resistance (mid pink), and also the short term uptrend support (blue).



Would we see BakerTech trading sideways, like during the 15 - 29 apr period? Or soften further, similar to the 6 - 15 may period?

We would have to see where Baker Tech opens on monday. If it opens below the long term downtrend resistance (mid pink) and breaks the downtrend support (mid red), we most likely would see BakerTech softening further.

If Baker Tech opens and stays above the uptrend resistance (mid green), we might see it trading sideways around the 0.310 level.

For monday :

Support @ 0.304 (mid red), 0.296 (low red), 0.295 (low green), 0.290 (low pink)
Resistance @ 0.310 (blue, mid pink), 0.312 (mid green), 0.315 (pink --), 0.325 (red --)

Good Luck !!

BakerTech 220508

Did you manage to catch a ride when BakerTech broke the uptrend resistance (mid green), and long term downtrend resistance (mid pink) yesterday? Baker Tech also broke the 0.315 neckline (pink --) and also tested the 0.325 neckline (red --) before closing right on it.



Today, we saw BakerTech testing the 0.325 neckline again, as well as the uptrend support (mid green), before closing to form a Harami Cross, which typically indicates a trend reversal.

Since today is only the second day after the breakout yesterday, we would need wait for confirmation of a trend reversal tomorrow. This confirmation may be in the form of a black candlestick, a large gap down or a lower close on the third day.

If you look at the previous breakouts, Baker Tech usually trades sideways after the second or third day from its breakout, forming Harami Crosses along the way.

If we look at the volume distribution, the 0.325 neckline still looks quite a formidable block for BakerTech to overcome. If Baker Tech trades sideways, we might see it consolidating around the 0.305 to 0.310 region, based on volume distribution.

For tomorrow :

Support @ 0.315 (pink --), 0.311 (mid green, mid pink), 0.306 (low red, blue), 0.305
Resistance @ 0.325 (red --), 0.328 (upp red), 0.330 (upp green), 0.333 (upp pink), 0.340 (red ...)

Good Luck !!

BakerTech 150508

BakerTech today tested the long term downtrend support (low red), before recovering to close just below the long term downtrend resistance (upp red).



From the volume distribution bars, we can see that the 0.305 and 0.310 has quite a big block for Baker Tech to overcome. Once BakerTech clears 0.310, I believe the next resistance would be at the 0.325 level (red --).

However, if Baker Tech breaks the long term downtrend support (low red), we might see it testing the 0.280 support level (green --).

For tomorrow :

Support @ 0.293 (low pink), 0.2888 (low green, low red), 0.280 (green --)
Resistance 0.300 (upp red), 0.305 (mid green), 0.310, 0.315, 0.325 (red --)

Good Luck !!