The market made a relatively steep decline today, losing 1.24% - 52.27 points lower from yesterday, closing at 4166. Today is the steepest decline the index has made since the crazy run up that broke the previous high. It looks like the market is still poised to decline in the short term with immediate support at 4125.
I've not been writing much as I have been reviewing my previous trades, both gainers and losers to refine my system further. I am also currently transferring my funds to Citiseconline so my funds are generally frozen at the moment except for some that I've left on my live broker.
Bought AGI today at 10.84 with the remaining 30% of my active capital as I saw CLSA gobbling the shares up to 10.90 but wasn't able to sustain its buying before closing at 10.66 today. So that's 1.6% paper loss already. Got in too early but I wasn't able to monitor the market till the closing so that's the best choice I had today. Sell on rally as momentum in the weekly charts is showing relative weakness.
AP is looking very nice also as its MACD shows accompanied by relative trend strength. Pull backs to 24 is a buy but should wait for positive momentum to build up first as weekly charts is showing relative weakness.
RFM is still showing weakness on both daily and weekly charts so it is best to range trade it, support at 1.65 and resistance at 2.00.
PX looks like its about to bottom out on both weekly and daily charts so bounces from the support at 14 should warrant a buy with a immediate resistance at 16. If it continues to move this way, it might form a symmetrical triangle which would also warrant a buy at breakout.
MEG is about to retest its previous support at 2.20. Bounces from the said support should warrant a buy with immediate resistance at around 2.36 levels as it looks like it is forming a descending triangle. Breaking down the support at 2.20 would point to the next support at 2.13-2.15 levels. Breaking up the recent high at 2.42 would suggest the continuation of the further advance to the original target and should also warrant a buy. MACD is suggesting sideways to down movement in the short term.
DMC is also worth watching and buy as close to 31 as possible. Correction and bounces at 16.50-17 levels should warrant a buy on AT.
ALI looks like it got raped again today losing around 10% in three days.
