Stock market was a bit more exciting today. The market gapped lower and proceeded to sell off hard. But after one hour of hard selling, buyers came back and pushed the index back to where it opened in the morning. Bargain hunters? Or do they know something we don't. As i write now, Europe is still down. Strong support is at 3041 and resistance is at 3088. But if this support fails, the next strong support will be at about 2990. There is a bearish divergence between the MACD and the index charts, so do trade cautiously.
Golden agri staged a remarkable rebound in the afternoon to close at the day's high at 0.72. The stock has been trading in a downward channel since mid July, but support at the moving averages is rather strong. Momentum is slightly up now. Support is at 0.700 and resistance is at 0.745.
Noble Group's price action is rather bullish now, having broken through all three moving averages. It's retracement over the past 3 days is healthy is looks like a good opportunity to take a long position. A long entry between 1.21 and 1.24 would be ideal, with the initial profit target of 1.29. A stop could be placed at 1.19 since 1.21 is a support level.
Gentng is also doing a bit of a retracement, but the stock is still a bit stuck, with resistance at the middle moving average. Price action is a little bullish and a good long position is at 1.305, with an initial price target of 1.38. Initial stop should be placed at 1.23.
No comments:
Post a Comment