IEV Holdings

Update on IEV- The descending wedge was rendered invalid after a couple of drifting bars, but the stock broke out from the resistance line from the previous top. The volume is huge also, which supports the breakout as an institutionally backed move. However, the stock did not close nearer to the day high, which may tempt some traders to profit take on monday. I expect some inside day trading before the stock attempts to break 1.02. Looks promising.

IEV Holdings

IEV Holdings is a volatile stock to trade, but the momentum has been on the upside thankfully. The stock has not seen any exhaustion yet, based on the bull flag that it is forming right now. If a breakout occurs beyond 0.95, 1.02 is the immediate target.

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Where next for STI?

STI is converging into the tip of the Ascending triangle, usually a bullish pattern. However, i believe traders should exercise caution as the momentum has been diverging and the volume has been dipping. The index has also started to make lower highs which is indicative of a possible trend reversal.

The US data released recently suggest a recovery in place and the firming up of the Greek bailout plan has boosted sentiments. However the news should be priced in by now and the index is ripe for profit taking. It is too early to take a strong stand in either direction for the medium term, but for the short term the way now, is down. Look for the 2905 support. A good basing pattern is the signal to pick up some good blue chips for the next leg up.

Genting SP breakout

Happy new year to all!

Yes, i have not posted for quite a while due to work commitments but i have not stopped trading. I have every intention to keep the blog going but it is tough to post on a higher frequency. I have also adjusted my trading style towards Swing trading as i do not have sufficient time and capacity to monitor the shorter time frames.

Lets move straight to the analysis. Genting has been consolidating after the fall in November 2011, showing the typical signs of exhausted selling and good buying setups. Friday's closing placed the stock at 1.595, a breakout from both the cosolidation period as well as from the initial fall in November. The stock is ready to move up.
The immediate target for next week is 1.64, which is a gap fill. There should be profit taking after that. I believe traders can wait for a pull back after hitting this level to load for the next run up to 1.74. There is currently obvious institutional interest in this stock and it could be due to the upcoming result release. Nevertheless, the chart definitely looks good.