Uptrend continues

The outcome of the Fed meeting was that the interest rate was cut. This resulted in the Dow Jones heading north by quite a significant amount. But to my surprise, STI did not gap up and closed with a black candlestick. Perhaps, the market had factored in the cut already so it did not went up strongly.

Some charts and their price action caught my attention today. Lian Beng was in the top volume list throughout and it broke a trendline with significant volume. Furthermore, there was another bullish technical signal and that appeared in the form of the MACD lines having a crossover. The chart reminds me of China Hong though since both charts are very similar.

Lian Beng:


CH offshore tested the $1.01 resistance today and failed to close above it. The $1.01 is a strong resistance line which has been tested a lot of times but it failed to close above this. Going by the short-term channel, it broke above the channel with very high volume and that is bullish. Furthermore, there is a MACD line crossover and that is bullish too. I am now waiting for a close above it with high volume.

CH offshore: