Relax - Oversea:

Bullish. Broke out on 23/5 with volume. Hit a high of 0.31 on 19/6 and based on the candles formation, you can expect it to consolidate before it trends higher. Immediate resistance = 0.31. Support 1 = 0.25 while support 2 = 0.235.

boon3 - Sona: thanks for your valid comments. I believe traders buying into this stock are buying into its future prospects and its future earnings quite akin to the Hibiscus early days situation. There have a lot of panic selling on this counter probably due to misinformation and also, a lot of traders bought into it without understanding the full nature of Sona. But you are right, once things simmer down, and as more information filters out and digested by traders, then they will be able to decide better whether to quit this stock or stay invested.

tsy88 - Censof: since you mentioned it, I thought i share some thoughts on it. It seems to have formed a support base at 0.47 with very strong resistance at 0.535. It attempted a break out on 18/6 with a gap up but succumbed to profit taking the next day when the gap was filled, possibly due to the overhang on the stock. In fact it did broke out of its downtrend line but currently selling pressures is hindering its upward momentum. I believe any news on any potential GST contracts will be the catalyst for it to have any meaningful advance.

inwest88 - thank you so much for sharing your thoughts and stocks here. We hope you will continue to do so. Every one invest in ways that they themselves find effective and successful and it does not matter if its based on TA, FA or neither. But as long it works, then it is a good way as the saying goes, "it does not matter whether its a black cat or a white cat, a cat that catches rats is a good cat". Please do not let the TA bias of this thread discourage you from posting your thoughts and stocks. I have great respect for your trading approaches and I believe newbies will pick up very useful hints from you.

tsy88 - sorry about that. Usually if the price goes down on low volume, it is a consolidation phase. If a share has been trending up for a few consecutive days, such a consolidation is a healthy breather before it trends higher again.

Ayam Tua - EAH:

Has been consolidating over the past 2 weeks between a narrow price range of 0.13 and 0.12. Seems to have formed a support base at 0.12. Broke out on high volume on 20/6 and filled the gap resistance of 0.133/0.135 in the process. Should be testing subsequent resistance levels at 0.145 and 0.158 (strong resistance).

limayseng - kseng will be done by sunlight. TA of charts are done by various people. Over the weekend, kindly allow them more time to do it as we are doing all these work on a voluntary basis during our down time and they have family commitments to fulfill as well. So, we seek your understanding.

Inwest88 - thanks for helping out. Appreciate it.

inwest88 - no need to apologize for your comments. In fact, we do appreciate your inputs as we can all learn from an experienced trader like yourself. Please feel free to comment no matter how long or short.

limayseng - Scientx:

Bullish after a period of consolidation. Broke out on 19/9 on high volume when it took out its resistance of 5.77/5.79. Strong support at 5.65. Support 2 is at 5.36. Resistance levels are at 6 and 6.03 respectively. It needs to clear its immediate resistance of 5.95 with increased volume before it can re-test its high of 6.03.

Thank you everyone for your kind words. I am truly humbled by all your comments. Ultimately, our purpose here is to be able to help out traders especially newbies, in our own capacity, to avoid huge losses. Just glad to be able to contribute in a small way. I think most experienced traders would have suffered losses at some point in time and we know, it can be heart breaking and financially stressful.

tsy88 - you are right. Inwest88 is a very good disciplined trader who puts in a lot of background work into his stock selections and his selections are very profitable too. Really glad he dropped by here.

Sephiroth/Cherry - thanks so much for sharing your thoughts and information. Really appreciate your contribution in helping others.

Sephiroth - just to add, the Sona info would be invaluable in assisting lottolearn. Thanks buddy.

lottolearn - if you read through sephiroth's comments, who is also a very successful trader himself, you will notice that he has a wealth of FA information. This is what I was referring to when i mentioned about researching into the company that you are buying in. Without information, some traders panic sells when they see the price falling without really knowing the reason why it fell which is why some stock become oversold. Equipped with information together with TA and FA knowledge, you can trade with more confidence and less stress.

I hope based on the above information you are able to overcome your Sona predicament.

tsy88 - Thanks for sharing your thoughts. You are absolutely spot on. The principles of buy low sell high is a simple logical concept but extremely difficult to practice because of human greed and indiscipline. To those who follow Matrix trades, you will notice that discipline is his hallmark and that is why he is such a successful trader. Takes his losses when necessary and locks in profits when opportunity arises.

Taking losses is the most difficult part but once you have a trading plan and execute it to the letter, then it becomes part and parcel of trading and as time progresses, it becomes less painful to take losses when the trade work against us. As with everything else in life, the first time is always the most difficult.

Once the price reaches your target, lock in profits and take your money off the table. You can never buy at the lowest and neither can you sell at the highest. An egg in the basket is worth the 10 outside the basket.

lottolearn - Sona:

I do understand your position. In fact, I have been caught big time during my early days of trading. I will try to shed light on the issues that you raised.

Briefly, Sona is an SPAC (Special Purpose Acquisition Company)which means it is a shell company with no on going business concern. It needs to acquire a Qualifying Asset (QA) to become an ongoing business concern which was what they just did. I would suggest you research deeper into this subject to have a fuller understanding as it would be very lengthy to do so here.

To trade in stocks, it is best to have some understanding through research into the company and its price movements before investing. It is also important to know that no one can predict how high the price can go simply because the market is unpredictable. We can make an intelligent guesstimate as a guide but if the price turn against us, we must have an exit price in mind to sell off to take our losses early. Which means we need to draw up a trading plan before we move into the stock. On this, I would suggest you pick up TA (technical analysis) and also FA (Financial Analysis) knowledge via books or online.

Based on your info, I assume your average price is 0.575. You need to know how much loss from this price is tolerable to you. Based on the TA reading, 0.50 support is currently holding. If it drops below this on high volume, you could be looking at 0.485. So, a trader may want to set an exit price at 0.49 in anticipation that it may trend lower and to minimize further loss. Alternatively, if there is a technical rebound on the share, a trader will need to decide whether to exit at the first resistance price of 0.535 or take a bit more risk to exit at the next resistance of 0.555 or wait out to see if the stock trends higher. I am not suggesting that you start selling at these prices but that is roughly how we look at it. Of course, different traders have different trading strategies and may view it differently.

The general rule of thumb is to "maximize profits and minimize losses".

It is also important to note that Sona has transformed from an SPAC into an ongoing business concern although its revenue will only be recognized later when all formalities have been completed. Obviously the market has viewed it negatively, hence the drop in price. So, some traders may want to stay mid to long term on the stock to see how the QA works out financially on the company. Of course there is also a risk that the price may trend lower thereby increasing your paper loss. Please note that I am also not suggesting you stay invested.

You will need to assess your options and the risk involved with each options and decide what you want to do. From your current position, you will need to decide whether you now want to stay short, mid or long term on Sona. Yes, the market can be unpredictable and as Matrix always says, is a zero sum game.

lottolearn - Thank you for your kind words earlier. We do encourage you to pick up TA along the way if you are not already into it as it will help when trading.

I will address Sona while my team mates will take on Dbhd and Melati later.

Before we get into the gist of it, it is important to know that here, we do not advise you what action to take and neither do we recommend to you what stocks to buy. But we can present to you with the technical readings and share information in order for you to make an informed judgement on your next course of action. The final decision rest with you.

Also, we do not recommend traders to average down. Once a trend is broken, no one can predict how far the correction can go, hence, the famous saying "never catch a falling knife".

Sona:

Lz Lee Weiping's reading on 19/6:
-weekly chart shows double tops formation with a high of 0.62 and with a low of 0.475
-broken support level of 0.515
-has a resistance of 0.535, 0.555, 0.62
-support level of 0.5 and 0.485

Update reading (20/6):

It is currently testing the 0.50 support that Lz Lee specified and it seems to have found temporary support here for the time being. If this support is broken, it will test the next support level at 0.485 and subsequently the critical support at 0.475. Should 0.475 be further broken with volume, it will trend towards 0.44. These are the support levels that you need to monitor and decide along the way your position on the stock. The resistance levels should the stock trends up, will be as per those set out by Lz Lee.

The following are considerations you may want to look at:
1. what is your time frame for holding this stock now. Short, medium or long term.
2. do you want to wait to see how the QA pans out and its impact on the financial position of Sona.
3. you may want to set an exit price to cut loss in case the stock turns severely against you.
4. what is your risk profile.

These are just some of the considerations. Hope this helps.

tsy88 - Pasdec is consolidating. Its immediate support is at 0.84 with further support at 0.76. A few candles with subsequent lows does not necessarily signify a trend reversal. Its bullishness remains. No stock can trend higher and higher non stop with no breathers in between.

pathew -

Abric: It formed another black marubozu today (19/6) but on much reduced volume, in fact way below 30MA volume. There could still be a lot of traders waiting on the sideline to see how the price will play out tomorrow. In such instances, you may want to monitor closely to see whether the 0.525 support would hold for if the support is broken, there could be some panic selling by short term traders and the price could be driven lower. When to enter would depend on your trading strategy and risk profile. Some may wait for reversal while others may want to buy in during the low volume consolidation phase.

KPSCB: You are right. Lack of volume to take it out.

The divergence is a comparison of the price movement versus the RSI movement. If they do not move in synchrony, then they are deemed to be divergent.

inwest88 - you are right. Those 2 teams have played a lot of games. Also time for a new coach to inject some freshness into the team. Chile is a good team and is one of the dark horse in the tournament.

tsy88 - sorry, we probably missed it. Most of us here, voluntarily post comments during our down time as we are also working people just like everyone else, so, we can miss some request here and there and there can also be a delay in response at times although we try to respond to every request soonest possible. We hope you understand. In any case, Yoda will do the ASB reading.

lottolearn - thank you for dropping by. We share TA readings here as you would have discovered by now as we do encourage newbies to trade with a plan. However, it is important to note too that TA is just a guide and not a holy grail to money making tradings because no one can predict the market. We do welcome any contribution from you, TA wise or FA or any information at all as we believe in learning from each other.

imwest88 - good to hear from you. Am trying to enjoy them live but the timing is a bit demanding to say the least. So, its like watching 1st half of the 12am game and then catch the 2nd half of the 6pm game. Hope you are enjoying them well.

Lz Lee Weiping - Sona:

Yes, you are right on its formation. However, it is important to note that for the double top trend reversal to be complete, it needs to break 0.475, the lowest price in the formation, with volume which has not occurred yet. So, the 0.475 support level is a critical support level. For traders of this stock, you may want to set your stop loss at around 0.465 depending on your entry price, risk profile and trading strategy.

At the moment, there is no catalyst for the share to trend higher even though it has secured a QA (qualifying asset) as the market has viewed this acquisition negatively.

pathew - Abric:

It is still bullish. However, the black marubozu of 18/6 is indicative of a potential consolidation which would be healthy for a share that has been trending new highs. There is actually a price/RSI divergence indicative of a slowing momentum increasing the likelihood of a consolidation. The immediate resistance is now at 0.58. Immediate support is at 0.525 and should have strong support at 0.47/0.48. The next TP beyond 0.58 is 0.65.

If you are considering entry into this stock, I would suggest you monitor the candle formation on 19/6 for a better indication on the direction of the stock in the short term.

Lz Lee Weiping - KPSCB: Failure to break 0.59 may not necessarily cause the formation of a triple top. We can interpret the chart based on what has happened but we cannot predict how the pattern will pan out because the market, by nature, is unpredictable.

pathew - KPSCB:

I concur with Lz Lee Weiping on its pattern formation and its trend. It does has the potential for more upside. For starters, it has broken out of its consolidation resistance line of 0.51/0.52 on increased volume and is now testing the 0.535 resistance. It will have strong support at 0.50. Subsequent resistance levels are at 0.56 and 0.59. There is a price/RSI bullish divergence. If bullish momentum is sustained, its TP1 is 0.58, TP2 = 0.60 and TP3 = 0.66. If it turns bearish, it will test its supports levels at 0.50, 0.485 and 0.435. You may want to set a stop loss at 0.49.

pathew - Penta:

Usually, its difficult to comment on an open candle because the candle will evolve as the day's trades progress, so can't judge that it is forming a spinning top. The uptrend is still intact and is subjected to profit taking today as is normal for shares trending new highs.

Its support levels are at 0.345 and 0.31 while testing to break its major resistance of 0.38 convincingly. I would expect it to consolidate before
scaling new highs.

pathew - KUB:

To me, i see it more as an ascending triangle with 3 failed attempt to break out of its strong resistance at 0.545. I agree with your assessment. If break out will test 0.565. Momentum has picked up and possibly some accumulation taking place. Will be bullish if strong resistance is overcome with volume.

deedee - GUH:

It has been retracing in the corrective wave 4. If it can break the resistance of 1.42 with volume, then it would be on an uptrend taking it into the bullish wave 5 when it will consequently test the resistance at 1.48. The hammer of 9/6 is a bullish reversal pattern but I would caution that the volume is still low to sustain a strong upward push of the price. If it fails to break 1.42, it will remain in wave 4.

It has strong support at 1.31/1.32 with further support back at 1.20.

pathew - ILB:

My view is that it is bullish. It broke the handle resistance of 0.82 today with volume and increasing momentum. I would expect it to test the high of 0.92 in the coming trading sessions.

jass - Psiptek:

Bearish. Has broken the support line at 0.32 of its descending triangle with a gap down and with volume. Its immediate resistance is now at 0.32, the broken support price. The gap resistance of 0.335/0.345 is now its major resistance. Support levels can be found at 0.295 and 0.24, if 0.295 is broken.

Lz Lee Weiping - The doji on 21/4 was just an indecision signal. For that 3 candles to qualify as an evening star, the candle on 22/4 need to close below the midpoint of the 1st day's candle, i,e. 18/4. Very good effort. Thanks.

Joyous - Pasdec:

This was the earlier reading on 9/6/2014:

It is bullish in wave 3. It carries an immediate support of 0.57. Strong support is expected at 0.54. It is currently testing to break the gap resistance of 0.60 before attempting to take out the 0.635 resistance to scale new heights. This gap resistance is an important marker, one which must be taken out if it were to trend higher.

The low volume coupled with the consolidation phase do suggest sellers exhaustion and in fact, there were also some accumulation going on during the last few trading sessions. There is an overall healthy increase in volume after the gap up on 26/5 which is important for the uptrend to continue.

Update reading as at 13/6:
It has taken out the gap resistance successfully and has broken out with volume on 10/6 with a gap up and is now scaling new heights. Immediate support is now at 0.755/0.76 and strong support can be found at 0.65. Upon breakout, it has hit its TP1 of 0.78. TP2 is at 0.96. Immediate resistance is at 0.90.

With the formation of a shooting star candle today, a bearish reversal pattern,it is expected to come under selling pressures and some consolidation and retracement is to be expected.

tsy88 - GHLSys:

In a nutshell, a rising wedge occurs when a stock makes higher highs and higher lows but as the pattern progresses, the trading range gets narrower and the upper resistance line and lower support line will converge at some future point in time. And as the pattern matures, volume will decline accordingly. The pattern will become bearish when its support line is broken.

connie - thanks on ktb. Appreciate it. Excellent analysis, I must say. Spot on.

Connie - whats with ktb? Seems like lots of people are punting it. By the way, can i hv my steak medium well!

connie - chrissyconn will always be in my mind and soul. Just that time has gotten tighter these days so a wee bit difficult to drop by often. Let me be the 1st to wish you and everyone here "Good Morning and I wish every stock that you people bought turn into hardcore profitable cash!"

Klsenewbie - MAA:

After hitting a high of 0.715 on 26/9/2013, it consolidated sideways between 0.675 and 0.595. The gap up on 10/6 signaled a bullish turn which was followed up today (12/6) with a bullish increase in price accompanied with volume that took out the gap resistance of 0.65/0.66. It is worth noting that a previous attempt to overcome this resistance on 10/4 was unsuccessful and was on lower volume.

Immediate support is now at 0.62 and if broken, should find strong support at 0.595/0.60. It needs to sustain its price above 0.675 in order to test its major resistance at 0.715. If it successfully negotiates these resistance levels, we will be looking at 0.78 as its next target price.

As a PN17 company, it would require some positive growth developments as a catalyst for it to scale higher.

Hi newbie, great to see you drop by here. Will revert on yr counters in due time.

Citytrader - nice to see you drop by. Thks. Hope you are making good profits. I know you are a very good trader.

Lz Lee Weiping - Cresbld:

It was riding on the bullish wave 3 and it is now in a 'breather' stage with neither bullish nor bearish pressures succeeding in dictating the direction of its price. It has been trading between 1.48 and 1.58/1.59 for the past few months. Its immediate support is at 1.46 while immediate resistance is at 1.58. A break below 1.46 will see it testing the next support at 1.41.

The 1.41 is a key support level. If it is broken with high volume, it would have completed a triple top reversal pattern which is bearish sending it into a correction phase. You are right, if it breaks above 1.58/1.59 with volume, it will scale new heights extending wave 3.

Chenlai - GHLSys:

I think you meant it has broken the resistance of 0.895. It hasn't really broken it but it did tested it to close 0.895 yesterday. Some traders look to the next 2-3 candles to confirm the resistance has indeed been broken. It is testing this resistance again today. The next resistance level we will be looking at will be at 0.93.

I think the buying interest has increased. It traded above 30 MA volume yesterday and it is likely that today's volume will also be above MA vol. The share's momentum too has increased somewhat over the past 2-3 days.

However, do keep at back of your head, the rising wedge that Matrix is cautioning by monitoring the price and volume movement closely. Technically, it is on an uptrend at the moment but if it develops into a rising wedge then it can turn bearish.

connie & Gang - good morning.

connie - wld you believe me if I tell you I waited for you to hit 10K before popping by again? no? ...ha ha ha... I didn't think you would but that anyway.

Next time RHB shld just copy and paste your target prices!

Connie - Been ages since I dropped by. So thought I drop off a pinky song just for you to touch base a bit:

http://youtu.be/eCB_INs2E24

Lz Lee Weiping - AirAsia:

If you look at the candle on 28/5, it trended down until 3/6 before it went up. If you look at the corresponding accdist vol chart you will notice in general, the line slopes up from that day onwards. It does not conform to the movement of the price during this period.

cherry tomato - Lngres:

It is now in a correction mode and its uptrend line has been broken down. 0.285 is now the resistance with major resistance at 0.33. Immediate support is 0.245 and if broken will trend down to 0.215.

Lz Lee Weiping - PJDev:

Currently under consolidation in the bullish phase. It is trading in an ascending triangle and a buy signal will be triggered when price breaks out of the 1.62 resistance line. Yes, the support levels are at 1.57 (immediate support) and 1.52 respectively. In the very short term, it will likely consolidate further on waning momentum.

For the horizontal line to qualify, it must touch at least 2 points of the highs which is the case here.

Very good attempt Lee. Generally, you are in the right direction and your reading is on.

Lz Lee Weiping - Pasdec:

It is not trading an ascending triangle pattern but it is bullish in wave 3. It carries an immediate support of 0.57. Strong support is expected at 0.54. It is currently testing to break the gap resistance of 0.60 before attempting to take out the 0.635 resistance to scale new heights. This gap resistance is an important marker, one which must be taken out if it were to trend higher.

The low volume coupled with the consolidation phase do suggest sellers exhaustion and in fact, there were also some accumulation going on during the last few trading sessions. There is an overall healthy increase in volume after the gap up on 26/5 which is important for the uptrend to continue.

speakup - welcome. What you just described is prevalent in markets across the world, the herd mentality. Probably there were a lot of people who sold on hearsay. Sona without QA was trading between 0.49 to 0.53 but with QA, it sold down from 0.60 to 0.51. The stock market can be unpredictable. A spark in information/rumour/comment can trigger a run up/down

Lz Lee Weiping - Air Asia:

Yes,it has formed a strong support base at 2.18/2.19 in the triple bottom pattern. The resistance level is at 2.55/2.57. If it breaks out of this resistance line with volume without retracing, it will be set for an uptrend. That breakout from 21-23 was unsustainable as some of the traders who were caught on the downtrend cleared their positions. This can be expected from a share which has been down for a prolonged period of time.

Its support levels are now at 2.43 and 2.36 (gap support). Notice too that there is a price/accdist vol divergence, i.e. accumulation of shares taking place.

I will run through Pasdec and PJDev later. Sorry.

jennylee1382 - Ideal-WA:

I assume you are referring to Ideal WA. Resistance is at 0.305 while support is at 0.20. You can expect it to trade sideways in the short term unless its mother share trends up. As this was only listed recently, there can be no meaningful reading of the chart.

lfctrade - Iris:

Update analysis: Broke out of its rectangle pattern on 28/5 with volume but the breakout was unsustainable. It has now slipped back into the pattern under selling pressures. Immediate support remains at 0.40. Still need to clear 0.435 consistently and the important resistance to overcome now is 0.46 before it can trend higher.

Currently trading under the corrective wave 2. A sustainable bullish breakout with volume from this phase will launch it into the bullish wave 3.

Earlier analysis on May 23, 2014 for ck:-

Immediate Support: 0.40
Immediate resistance = 0.435

Consolidating in a rectangle. If break 0.435, will test its next resistance at 0.51 while a break below 0.40 will see it trend lower towards 0.325. It is in the correction phase.