Cfd - Asia Edition For Week Ending October 30th 2009
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CFD - Asia Edition For week ending October 30th 2009
Advantest (TYO:6857)
As the week came to a close, Advantest ended at ¥2,368, creating a bearish weekly candle. Failure to pass through ¥2,548 seemed to have put the stock in a bearish setup for the coming week. Downside supports are seen at ¥2,181, ¥1,950, and ¥1,581. While we cannot rule out that the upside is over, it is likely that for now Advantest will undergo a corrective fall as indicated by falling MACD both on the weekly and the daily charts. Upside resistances lie at ¥2,401, ¥2,425, and ¥2,449. These levels could be challenged early next week, but they could be used as entry points for SHORT positions. To negate the bearish picture, the stock should break through the key resistance at ¥2,548. Also, Wednesday will see the announcement of consolidated financial results for 2nd quarter of fiscal 2009.
Cathay Pacific (HKG:0293)
Failed to clear the previous week’s peak at $13.63, Cathay Pacific flipped downwards and ended the week in a bearish engulfing candle. The weekly MACD also falling, as well as the daily MACD. Supports on the downside are seen at $12.04, $11.06, and $10.28. Shorting into rallies would be the strategy for next week. Shorts could be entered around $12.95 and $13.08. Early next week I expect a direct push downwards instead of zigzag movement up. Also, we can spot a bearish divergence on the daily chart between the price and the MACD, thereby further bolstering the bearish sentiment.
PetroChina (HKG:0857)
PetroChina continued to rally last week and managed to bypass the hurdle at $10.21. So far the stock had climbed 159% from its trough on late October 2008 ($4.06). Upside potential remains for next week, although we can stumble upon the rising parallel channel top at around $10.70. Still, with weekly and daily MACD as well as hourly MACD still suggesting strength, we can expect the stock will move out of the channel upwards towards $12.14 or even $14.04. Downside, $9.96 and $9.18 will offer supports. Watch out for potential bearish divergence between the price and its MACD developing on the hourly chart. Only a break of $8.51/$8.52 twin supports on the weekly chart will ease up the bullish pressure.
Any information contained in this document are based on or derived from information generally available to the public from sources believed to be reliable. There’s no representation or warranty is made or implied that it is accurate or complete. Any opinions expressed are subject to change without notice. This post has been prepared solely for information purposes and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy. Charts are obtained from Howard International’s MetaTrader 4.0 trading platform.
Advantest (TYO:6857)
As the week came to a close, Advantest ended at ¥2,368, creating a bearish weekly candle. Failure to pass through ¥2,548 seemed to have put the stock in a bearish setup for the coming week. Downside supports are seen at ¥2,181, ¥1,950, and ¥1,581. While we cannot rule out that the upside is over, it is likely that for now Advantest will undergo a corrective fall as indicated by falling MACD both on the weekly and the daily charts. Upside resistances lie at ¥2,401, ¥2,425, and ¥2,449. These levels could be challenged early next week, but they could be used as entry points for SHORT positions. To negate the bearish picture, the stock should break through the key resistance at ¥2,548. Also, Wednesday will see the announcement of consolidated financial results for 2nd quarter of fiscal 2009.
Cathay Pacific (HKG:0293)
Failed to clear the previous week’s peak at $13.63, Cathay Pacific flipped downwards and ended the week in a bearish engulfing candle. The weekly MACD also falling, as well as the daily MACD. Supports on the downside are seen at $12.04, $11.06, and $10.28. Shorting into rallies would be the strategy for next week. Shorts could be entered around $12.95 and $13.08. Early next week I expect a direct push downwards instead of zigzag movement up. Also, we can spot a bearish divergence on the daily chart between the price and the MACD, thereby further bolstering the bearish sentiment.
PetroChina (HKG:0857)
PetroChina continued to rally last week and managed to bypass the hurdle at $10.21. So far the stock had climbed 159% from its trough on late October 2008 ($4.06). Upside potential remains for next week, although we can stumble upon the rising parallel channel top at around $10.70. Still, with weekly and daily MACD as well as hourly MACD still suggesting strength, we can expect the stock will move out of the channel upwards towards $12.14 or even $14.04. Downside, $9.96 and $9.18 will offer supports. Watch out for potential bearish divergence between the price and its MACD developing on the hourly chart. Only a break of $8.51/$8.52 twin supports on the weekly chart will ease up the bullish pressure.
Any information contained in this document are based on or derived from information generally available to the public from sources believed to be reliable. There’s no representation or warranty is made or implied that it is accurate or complete. Any opinions expressed are subject to change without notice. This post has been prepared solely for information purposes and does not constitute any solicitation to buy or sell any instrument, or to engage in any trading strategy. Charts are obtained from Howard International’s MetaTrader 4.0 trading platform.
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