A Double Tops chart pattern is observed on Yangzijiang daily chart with neckline at about $1.25. Breaking down from this reversal chart pattern will send Yangzijiang to the price target of about $1.11. Currently the stock is just trading around the neckline support. Both weekly and daily charts are bearish base on 2/5 EMA, 20D SMA. MACD shows the bull has lost the steam as well.  Another potential stock to short.

Yangzijiang Fundamental.

UOB failed to form a “Higher High, Higher Low” uptrend pattern as per last analysis. The stock formed a Double Tops at about $17.60 instead and reversed to down trend since then. UOB also failed to break the neckline resistance after showing a Hammer candlestick. The stock also had a gap down and break below $16.00 support. If UOB cannot close the gap in the next few days, the stock will trade in the down trend heading towards the next 61.8% Fibonacci support of $15.23. All 3 Moving Averages (20D, 50D and 200D) are heading down. The Moving Average (2W, 4W and 12W) are also heading down in the Weekly chart.

Extended chart to show $17.1 is the tough support turned resistance.

Does UOB hold S$608 mln worth of Greek debt securities?

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Watch this 61.8% Fibonacci Support at about $1.08 closely for OSIM. Breaking this support will start another round of sell off for OSIM after forming the Double Tops. The stock is currently on down trend.

COSCO has broken the $1.80 neckline support of the Double Tops. If COSCO cannot break above this $1.80 support turned resistance level, the Double Tops formation will be confirmed with a breakdown price target of $1.32.

See previous post of COSCO when the direction is turning down.

Currently COSCO is turning down after hitting $1.96 resistance. Next immediate support is $1.86 which is also the 61.8% Fibonacci support and 20D MA support. The Double Tops chart pattern is still at sight unless COSCO can stay above this neckline for the next few weeks.

Raffles Medical is currently testing the long term up trend support and also the neckline support of the Double Tops chart pattern.  This support level is at about $2.20.  Breaking down from the Double Tops may send Raffles Medical to price target of $2.05. Currently Raffles Medical PE ratio is 26.3 (base on $2.25) which is higher compare to Medical and BioTechnology sector average PE of 16.2.

• PE (Rolling) = 25.5
• PE (FY2010) = 26.3
• PE (FY2009) = 31.4
• PE (FY2008)  = 37.7
• PE (FY2007) = 33.1

Fundamental Analysis (base on FY2010):

• EPS = $0.08571
• Net Operating Cash Flow = S$49.2 Million (Positive and Stable Net Operating Cash Flow for past 4 years)
• Net Profit Margin: 18.9%
• ROA = 12.2%
• ROE = 15.8%
• Current Ratio = 2.1
• Debt to Equity Ratio = Debt Free

Fundamentally strong stock with stable earning and positive operating cash flow year over year. However, current stock price is not cheap for long term investment. Wait for the correction to accumulate.

COSCO has failed to break the 200D MA resistance and bounced down to test the neckline of the Double Tops chart pattern now. COSCO may rebound from this neckline support to test 20D MA resistance.

Things to watch:

• Whether COSCO can break above this 20D MA resistance.
• Whether COSCO can break this neckline which is also the significant 61.8% Fibonacci Support.

Breaking the neckline confirms the Double Tops Formation and the break down price target is $1.32.

Also see previous analysis on COSCO here.

COSCO Corp is forming a Double Tops chart pattern which is a trend reversal chart pattern. The neckline is at about $1.86 which is the 61.8% Fibonacci Support Level. Breaking below this neckline will confirm the Double Tops formation and will send Cosco share price down to target price of $1.32.

Please also take note that COSCO has broken the 200D MA support and will be retesting this 200D MA. If this 200D MA support turned into resistance, COSCO will start the down trend and head towards the neckline.

Tiger Airways has shown a Double Tops chart pattern and just broke the neckline at $1.88. TigerAir can go down to $1.64 if the breakdown is successful. Current PE of 35.3 shows clearly the stock is over value. IPO euphoria is over!

STI is in the process of forming a Double Tops and currently testing the 50D MA support at about 2,920.

The next support is at about 2,860 which is a 200D MA followed by the Double Tops neckline at 2,701 (which is also 78.6% Fibonacci Retracement Level). Breaking down the neckline support will send STI to 2,363 level.