Are you starting to bargain hunt? As the market falls, there are a
few stocks that are resting at their supports. Although in this volatile
market, it is hard to predict when such a ‘fall’ will come, we can
always “get ready” for bargain hunting.
Stocks at their supports simply
mean that there is demand at that price level. A good practice for
traders would be to buy when the stocks touch and stand above their
Raffles Medical Group
Raffles Medical Group (RafflesMG) is a very low volume stock. It has
been trading side-ways, ranging between $2.05 to $2.50 since late 2010.
Currently, the support is at $2.05. We believe that there is a strong
support here because it has been tested four times in the past two
years. Testament to its strength, this support still holds even when the
market is seen going down recently. As a saying goes, “What doesn’t
kills you, makes you stronger”, should the market turns around,
RafflesMG is one stock worth looking at.
If you wish to enter, make sure the low of the daily candle is above
$2.05 while stop-loss can be placed at $1.95. RafflesMG is suitable for a
mid to long term trade.
Neptune Orient Lines
Neptune Orient Lines (NOL) is near its lowest point since 2003.
Currently, it still trending downwards. However, the fall has slowed as
the price nears the strong support at $1.00. This support has been
tested three times for past one year. Will this be the point for the
triple bottom reversal? We will not know until it happens. Right now, it
is a good point to watch as the downside is limited.
If you wish to enter, you may want to enter on an up day. If the
$1.00 support is broken, a stop-loss can be placed at $0.95. NOL is
suitable for mid to long term trade.
This analysis is purely based on technical analysis. Do exercise your own judgement before entering any positions.
Article by ART System Founder Andy Yew
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