I noted ChipEngS aka CES on the top movers section today. It closed with a white candlestick with heavy volume. As seen in the chart, CES broke the resistive trendlines today. It seems to me that this looks like a triangle formation.
ChipEngS:
Another counter is Lian Beng which is approaching it's historical closing level. It closed with a shaven white candlestick with it's volume picking up but failed to break above it's historical level. On the weekly chart which i din post it, it seems to me that the volume has been decreasing steadily and dat looks suspect to me.
Lian Beng:
Both counters are trending on breakouts so DJIA's performance tonight will be important. A positive closing of more than around 1% for the DJIA will signify that the counters will gap up tomolo on opening and it may be possible to ride on the momentum.
DJIA is holding on the trendline drawn in my chart for the last post but contary to my expectations, it fell through the 200d MA. Like what Decipher said in his blog, DJIA may be poised for a rebound from this trendline so let's see how DJIA close tonight.
Wednesday, January 2, 2008
Construction sector in play ?
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2 comments:
Hi,
Your CNS's analysis is correct. Though it might be due to the news that they have won a $180 million residential project contract in Vietnam. The reistence at 0.645 was broken for this stock and we will see more upside if current market permits.
By the way, where did you learn your TA from?.
regards
Hi,
Thanks for ur comment. DJIA broke the supporting trendline yet the construction sector still manage to rally today. It was a surprise for me.
I learnt my TA from quite a lot of sources. Mainly from books, discussion with a another TA fren of mine, read up threads in forum n blogs, observation of the market and not to mention, the pain and experience of paying a small amount of 'tuition' fee to the market :D
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