One of the stocks that led the sector was MEGaworld. It was able to break passed its 6 months down trendline and with volume to boot. MACD indicator is about to trigger a buy signal( i.e. cross up in both the histogram and zero line). Momentum is definitely building up here. Looking at the one year down trend line; next resistance would be around the 2.30 to 2.32 range. If one were to enter now, cutloss points could be set at 2 or at 1.90 at most depending upon your position size and risk appetite.
I took profits from my positions in SCC as it formed a doji star (i.e. opening price is the same as closing price). A doji star suggests indecision amongst traders. Whether the uptrend does reverse or continue will be confirmed based on Monday's price action. Note as well that its price has been outside the bollinger band the passed four days which suggests that a pullback to within the band is bound to happen (i.e. Accdg to John Bollinger, creator of the Bollinger Band indicator, prices stay within the band 88-89% of the time). Will re-evaluate after Monday on when I'll consider re-entering this stock.
Another stock showing indecision is VLL which closed the day with a spinning top. Unlike SCC though, I maintained my position in this since properties could be the new play. It's runup also is just a day old so it may still have some more room to go. Notice as well that today's 3.32 low is a few cents from the one year downtrend line (and also the breakout point) currently pegged at 3.29. This pivot price point could possibly serve as a new short term support and a good entry price.
Good luck with your trades as always!
Disclaimer: My above analysis are just that: analysis. I am in not in anyway soliciting for you to buy or sell any security issue. The only person accountable for the trades you make would be yourself and I cannot be held liable in any way for the same.
I took profits from my positions in SCC as it formed a doji star (i.e. opening price is the same as closing price). A doji star suggests indecision amongst traders. Whether the uptrend does reverse or continue will be confirmed based on Monday's price action. Note as well that its price has been outside the bollinger band the passed four days which suggests that a pullback to within the band is bound to happen (i.e. Accdg to John Bollinger, creator of the Bollinger Band indicator, prices stay within the band 88-89% of the time). Will re-evaluate after Monday on when I'll consider re-entering this stock.
Another stock showing indecision is VLL which closed the day with a spinning top. Unlike SCC though, I maintained my position in this since properties could be the new play. It's runup also is just a day old so it may still have some more room to go. Notice as well that today's 3.32 low is a few cents from the one year downtrend line (and also the breakout point) currently pegged at 3.29. This pivot price point could possibly serve as a new short term support and a good entry price.
Good luck with your trades as always!
Disclaimer: My above analysis are just that: analysis. I am in not in anyway soliciting for you to buy or sell any security issue. The only person accountable for the trades you make would be yourself and I cannot be held liable in any way for the same.
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