Last Friday began with profit taking which might lead some to believe that the market has reversed. However, the bull stepped in in the afternoon to recover the loss and even registered gains for some counters, especially index related ones like banks. Great, the bull looks still intact. I am expecting the traditional CNY rally to continue running next week.
I took the opportunity to purchase Aqua-Terra. It had just tested its long term uptrend line and rebounded well. In the short term, it emerged from the sideway consolidation after the previous short term downtrend. From price chart, it poises for an up trend in short term again. As last Friday was the profit taking day after breakout, i picked it up. With oil and gas still in play, and potentially marine too in coming week (rotational play), Aqua Terra should be able to move even further!! See my chart analysis below.
I would expect the next two weeks to remain bullish. Strong closing of Nasdaq last Friday will help tech stocks tomorrow. Human is greedy by nature, and with that in mind, i foresee next week China stocks which had extended run up to rally further. This is what happened to property stocks last year. For 2-3 weeks, they chalked up tremendous gains, some of them 100%!!! Of course, one need to increase vigility with every price increase. Once you see a major sell down, RUN. Don't ask further.
Aqua Terra
The following stocks are interesting for following:
Broke/Hitting 52 yrs high : May rise further
Ascott
BIL Int
China Sun
DBS
Hotel Properties
MMI
Manwah
Meghmani Organics
M1
Parkway Holdings
Starhub
Asiawater
Best World
Midas
Reversal (Broke out from downtrend)
CDW
One of my trading styles:
Buying stocks hitting 52 weeks high. Make sure it broke with high vol (at least 50% more than 1 week average) and close above previous high by 2 bids. Then , you have two options: buy immediately or wait for correction. Usually, after hitting new 52 weeks high, stocks tend to correct shortly to previous 52 weeks. However, if general market is bullish, and the stocks has just run up to 52 weeks high by less than 10% from last low price, i will buy in immediately. If it has run a lot, i will wait.
HAPPY TRADING/INVESTING!
2 comments:
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