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HI-LITE: Technical analysis of STI, CITY-DEV, OCEANUS
Written by Charlie Lau
Sunday, 07 February 2010
Next technical support for STI is another 3.8% down.
ST INDEX
2,684 (Feb 5)
52-week Hi
2,947
Historical Hi
3,866
52-week Lo
1,455
Feb 2010 Average daily volume traded
3 days below 1.6 b shares
Value
Under $2 b
The Straits Times Index after breaking the critical support, 2800 points, on 26 January 2010 is now trying to find another support.
Technically, the next support should be 2585 points. That is another 101 points down or another 3.8 per cent.
After that, could the ST Index go lower?The 14-day Relative Strength Indicator & the 5-day Stochastic Momentum are almost at floor level.
With another 101 points down, the floor should be reached.In order for the ST Index or the general market to move up, the daily volume should do at least 1.6 billion shares continuously for one contra period [5 days] to indicate interest and support.
Many counters have their 14-day Relative Strength Indicator & the 5-day Stochastic Momentum also at the floor level. If their fundamentals are OK, it's time to cherry pick.
It might be wise to put a stop loss in the event the share price were to go further down.Recovery could bring the ST Index to the 2975-point level.
CityDev could go tumbling down to $10.08 if the $10.32-level is breached.
CITY DEV
$10.38 (Feb 5)
52-week high/low
$12.08/$4
Dividend yield (ttm)
0.7%
PE ratio
17.0
NAV
$6.39
No. of issued shares
909 m
Market cap
$943.5 m
City Development is in a precarious position. If the $10.32 level is breached, it would go tumbling down to $10.08.
The 5-day Stochastic Momentum still has some more room to go down.
This is not a stock for the faint-hearted.
CityDev's movement can be very volatile and it is possible any push up could bring the share price to $10.80 or higher.
Oceanus: Downside risk is limited.
OCEANUS
32.5 c(Feb 5)
52-week high/low
$47/9.5 c
Dividend yield (ttm)
Nil.
PE ratio
13.7
NAV
14 c
No. of issued shares
1765 m
Market cap
$573.6 m
Oceanus, an abalone farming and restaurant enterprise, is a very interesting stock for technically savvy investors.
With extremely Hi Volume at Hi Prices, it has done an “inverted pyramid” topple-over to the present price, 32.5c.
Down-side risk is limited.
Look out for volume to accumulate and it would be rewarding to jump in as the down-side risk is limited.
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