dow jones looking better in the near term - hope that it will give some power to singapore market too

As i said on friday morning, i was looking forward to a technical rebound for some of the s-chips or china companies listed in the singapore stock exchage but that failed to materialize……i did not act on friday cos one of the main criterias which is supposed to trigger a buy signal is that prices move above the day high of thursday….most of the stocks i monitor did not have this breakout signal

with dow jones closing up 165 points on friday, i have revisited some of my charts

firstly, dow jones short term chart looks nice, closing at five day high of 12307, above the resistance of 12286 on 11th june with stochastics crossing up in oversold zone, this means there is potential for a bit more upside in the near term (the near term support for down jones is now at 12079 and near term resistance around 12600)

as for some of the hot singapore stocks i monitor, their respective near term resistance are :

sino env - 1.43

ferrochina - 1.29

china milk - 0.785

mercator - 0.49

first resources - 1.17

sinotel - 0.295

oceanus - 0.375

sunvic - 0.375
china hongxing -  0.475

buy signals are triggered if the resistance is broken, but i will cut loss if stock prices close back below the resistance levels

some times, these resistance levels will change the next day depending on stock price behavior so have to check the charts regularly…..this is the pain with short term trading.

cheers

rooney

I alerted bout potential rebound for the singapore share market last nite provided

1. dow jones can keep its upward momentum and stay up at least 100 points -in the end dow jones index gave 2/3 of the gains to close up about 50

2. singapore stocks need to go above yesterday (thursday) high only will they trigger buy signals for many of the them - so far very few seems to be doing that

since the conditions needed to trigger rebound have not materialized, can relax now

additional point to note : nikkei open gap up but when singapore market opened, nikkei has also given back all the upside and now trading in negative zone. i think traders are now waiting to see how hong kong stock market opens at 10am
cheers

rooney

potential short term trading opportunities on friday 13th

i am getting excited a bit as i scan my metastock and realized a few positive signals on the horizon

1. many stocks have been creating lower highs over the past few days - so when there is breakout of previous day high it signals a short term reversal

2. dow jones overnite is up - at the moment up 110 points (1am friday morning)

3. quite a number of stocks closed near day high today (thursday) indicating a short term reversal in momentum

all i can say is that if Dow jones can end the day up more than 100 points, then there will be lots of short term trading opportunities in singapore on friday the 13th haha

some of the hot stocks -

china hongxing

mercator

sino environment

ausgroup

first resources

sinotel

oceanus

ferrochina

china taisan

sunvic

watch their day highs for thursday, if stock price on friday can go above day high of thursday, then it will signal a short term BUY signal on friday

****** I would CUT LOSS if prices go below the day high of thursday

Happy hunting

cheers

rooney