1) CWT – Good earnings causes gap up on 8 May
– Consider Buying
CWT Ltd breaks above the short term down trendline (Black
line) after reporting a net profit of $26.4
million for January-March, up from S$8.4 million a year ago, driven by its new
commodities trading business. This is what we called, the type of stock to
watch this quarter as strong fundamental earnings will drive the stock price.
From the chart, we can
see that this stock is travelling in the long term up trend Channel, now it
just bounced off the support and break the Short term trend line. This
signifies the bullishness in this stock. The fundamental rule of technical
analysis teaches us to buy at support and sell at resistance. The support is at
$1.21 hence stop loss can be placed at $1.18, below the support. Target price
can be set at the resistance $1.38.
2) Genting SP – Poor earnings causes gap down
– Hold and see
Genting SP suffered a sharp dip after announcing their
Q1 result on Friday, the price fell to the low of $1.595 during the day and
came back to $1.625 at closing. Before the announcement, the technical view of
this stock is still good compared to most stocks in the market as the price of
Genting Sp was staying strong above the 200MA, furthermore, the 20MA and 40MA
is also sloping up.
From the chart, we can see that the price is
travelling in the upward sloping price channel (black line) which has been
supported for several times previously and it is also hanging on the
200ma(Red line). The long term trend is still strong but the mid-term trend is
weak. Will we see the short-term rebound soon? Although this might be a good
time to buy at support, but the risk of falling further is equally high. For
short term, the trend is down as we see a lower low and a lower high recently.
It is to better WAIT for the candle to
stand above the supporting trendline before we go long.
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